AssetMark Investment Services has announced that Parametric Portfolio Associates will handle overlay portfolio management for its new "Consolidated Managed Accounts" program. AssetMarket, which only launched its CMA portfolios last week, said Parametric’s presence will allow for the integration of SMAs, mutual funds and exchange-traded funds in one portfolio, creating what is known in the industry as a unified managed account.

The companies have worked together before; Parametric’s Tax Managed Core portfolio has been part of AssetMark’s managed account platform for several years. Ronald Cordes, AssetMark’s chairman, called Parametric "an excellent partner" and said that this time around, "We believed that its technology, research and customized solutions would add significant value to our program."

The Consolidated Managed Accounts invest in asset mixes by two firms – Wilshire Associates and PanAgora Asset Management. Parametric CEO Brian Langstraat called AssetMark’s offerings "a very compelling UMA program."

Parametric, which recently hit the $1 billion mark in overlay assets under management, is No. 1 in the nation among independent overlay managers. Eight-year-old AssetMark administers more than 30,000 investor portfolios with total assets of more than $4 billion.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.