AssetMark Taps Parametric as Overlay Manager

November 02, 2004, 1:00 a.m. EST 1 Min Read

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 Parametrics 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; Parametrics Tax Managed Core portfolio has been part of AssetMarks managed account platform for several years. Ronald Cordes, AssetMarks 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 AssetMarks 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.