Independent newspapers chairman Sir Anthony O'Reilly and the family of his Greek-born wife Chryss Goulandris have realised around $100 million (€101.4 million) through the sale of their stake in financial group Lockwood to a US bank.

The Bank of New York has acquired Lockwood, a US-based provider of individually managed account services to independent financial advisers.

Analysts said last night that a company of Lockwood's size and in its sector would be valued at $200-$250 million.

The O'Reilly/Goulandris holding represented around 48 per cent of Lockwood, suggesting it was worth between $96 million and $120 million.

Based in Malvern, Pennsylvania, Lockwood was founded by Sir Anthony, the Goulandris interests and chairman Mr Leonard A Reinhart in 1995. It offered investment research, managed money services and portfolio performance reporting to investors through independent advisers.

Lockwood's recommended money managers currently oversee around $7.6 billion for high-net-worth individuals and small to mid-sized firms.

"The acquisition of Lockwood will confirm The Bank of New York as the market leader in this, the fastest-growing segment of wealth management in the United States," the bank said.

The transaction is subject to regulatory approval.

Sir Anthony, whose interests include stakes in Independent Newspapers, Waterford Wedgwood and exploration group Arcon, will have made a sizeable profit on the deal as the cost of setting up Lockwood seven years ago would have been nominal.

The Lockwood investment has proved more successful than his 43 per cent stake in the loss-making Arcon, owner of the Galmoy zinc mine.

Sir Anthony recently refinanced the mine at an unknown cost.

Companies associated with him forgave debts owed to them by Arcon of $71 million but sources close to Sir Anthony said the real cost was significantly less.

In addition, Sir Anthony agreed to fully underwrite a €28.75 million rights issue by Arcon.

The minimum cost to him of the rights issue will be €12.39 million.