First Clearing, a trade execution and clearing firm, has recently announced Diversified Managed Allocations (DMA), which is a multiple manager separate account management program. It will be available to all of its clearing correspondent clients.

DMA offers clients with at least $150,000 to invest an opportunity to leverage the benefits of separately managed accounts in a product that is built on diversification and asset allocation, but delivered in a single brokerage account. DMA, the company claims, is unique in that it uses 16 unaffiliated managers and 21 different investment styles, rather than offering a product with managers affiliated with First Clearing.

"Each financial advisor can now extend to his or her clients and prospects the opportunity to benefit from the expertise of a select list of unaffiliated investment managers in one open architecture account to create truly customized portfolios," said Mark Staples, managing director of the firm’s consulting services group. "In this way, DMA accounts offer a spectrum of asset, style and risk allocations precisely suited to the investment goals of each individual client," he said.

First Clearing, a non-bank affiliate of Wachovia Corp., provides trade execution and clearing services to 106 broker/dealer firms nationwide.

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.