Lockwood Financial group, the US investment group set up by Tony O'Reilly and others, has been sold to The Bank of New York for an estimated $200-$250 million.
Lockwood has $7.6 billion under management and provides fund management and advice to wealthy individuals.
O'Reilly and his brother-in-law, Peter Goulandris, are estimated to own just under half the company and will receive $100-$125 million through the deal.
Pennsylvania-based Lockwood was set up in 1995.
