Pershing LLC, a subsidiary of Bank of New York Mellon Corp., introduced a financial product that provides a lifetime income guarantee for managed assets.
The Lockwood Investment Strategies Longevity Income Solutions is offered by Pershing Advisor Solutions LLC and managed by Lockwood Capital Management Inc., both Bank of New York Mellon units. PHL Variable Insurance Co., a subsidiary of Phoenix Cos. Inc. of Hartford, Conn., provides the guarantee.
When clients invest in the product, Phoenix guarantees lifetime income payments, regardless of how their assets perform, even if they are depleted, Pershing said last week. In contrast to traditional annuity products, investors can retain ownership of the assets and receive a guaranteed stream of income at age 65 or older.
Pershing Advisor Solutions offers managed account products and services to broker-dealers, investment professionals, and independent registered investment advisers.
