Pershing LLC, a Jersey City unit of Bank of New York Mellon Corp., has announced that Leonard Reinhart, the founder and chief executive officer of a Pershing managed account unit, will retire Dec. 31.
Mr. Reinhart, 52, has been the top executive at Lockwood Capital Management and Lockwood Advisors since starting the Malvern, Pa., companies in 1995. Bank of New York bought Lockwood and merged it with Pershing in 2003 to gain a foothold in the managed account industry. Mr. Reinhart will remain at Pershing as an adviser through the end of 2008, the company said on Monday.
Before founding Lockwood Mr. Reinhart, whose retirement was announced to customers on Monday, was president of the consulting group in the investment management division at Smith Barney.
James Seuffert, 49, is to become president of Pershing Managed Account Solutions and join Pershing's executive committee. Pershing Managed Account Solutions will encompass all of the company's fee-based advisory and nonadvisory services, the company said, including all of Lockwood's turnkey and customized managed account offerings.
Mr. Seuffert, who has worked with Mr. Reinhart for 27 years, is to report to Rich Brueckner, Pershing's chief executive officer, and Brian Shea, its chief operating officer. He will also become president of Lockwood Capital Management and Lockwood Advisors.
Lockwood was the third-largest provider of unified managed accounts at March 31, according to Cerulli Associates in Boston. At that time, it had $920 million of assets in the product; Wachovia Corp. had $13.1 billion; and Morgan Stanley had $11.5 billion, according to Cerulli.
