As the unified managed account business rapidly develops, many firms are recognizing the need to offer UMAs to clients. Once the decision is made to introduce a UMA, sponsor firms then begin grappling with whether to hire an overlay portfolio management company, allow portfolio managers to run their funds independently, commonly known as passive management, or use a hybrid approach.

Overlay portfolio management is an investment management process that takes a holistic approach, coordinating the trading activity of investments such as mutual funds, exchange-traded funds and alternative investments.

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