Oppenheimer Asset Management is the latest company to jump on the bandwagon of offering unified managed accounts to clients, and to launch its UMA offering, the company recently partnered with Placemark Investments.
“UMAs have rapidly become an important platform for developing integrated wealth management solutions for individuals and institutional investors,” said Peter Amendolair, Oppenheimer’s senior managing director in charge of the consulting group.
The UMA program offers portfolios consisting of premier investment managers and exchange-traded funds for a wide spectrum of investors’ needs and appetite for risk. The UMA portfolios will range from $50,000 to $500,000 and include focused equity and fully diversified asset allocation offerings.
Clients will have the option of adding strategic tax management to their UMA, which will allow Placemark to custom-tailor the portfolios to each client’s individuals tax needs.
Dallas, Texas-based Placemark will be the overlay manager for the portfolios, taking investment discretion on all accounts and coordinating back-office and administrative functions.