Envestnet buys UMA Experts Placemark Investments for $66 Million

Last week, I was contacted by my new favorite reporter at FundFire, Danielle Verbrigghe (sorry Tom Stabile) who was writing an article about the purchase of Placemark Investments by Envestnet.  She wanted my view on the benefits of the acquisition to Envestnet as well as for the managers currently on Placemark’s platform.FundFire logo

Envestnet was already the largest turnkey asset management platform (TAMP) vendor based on assets under advisory with $572 billion (as of 1Q 2014), according to the Money Management Institute (MMI).  Adding in Placemark’s $14 billion will bring them to $586 billion in total.  This further distances them from number two on the list, Pershing/Lockwood, with $391 billion.

Continue reading

FundFire: Bank of Hawaii Launches $2B UMA Program

Article published on Fundfire on August 12, 2010
By Tom Stabile

The Bank of Hawaii is the latest wealth management outfit to ride the unified managed account wave, unveiling a new program that opens the door to third-party separately managed account managers for the first time. The Honolulu-based bankexpects to shift more than $2 billion of its $6.6 billion in client assets over to the new UMA program, which will include SMAs, mutual funds and exchange-traded funds (ETFs) in its inaugural lineup.

The commercial bank’s Investment Services Group touts itself as the largest trust and asset manager in the Aloha State’s financial services market. To date, the bank has funneled most of its wealth management services through its proprietary investing vehicles, including internal mutual funds and individual bond and equities selection handled by its own portfolio managers. The new UMA takes a much bigger step toward open architecture investing, says Steve Rodgers, the bank’s CIO.

“Right now we’re estimating that about $2 billion of our existing accounts will be converted over,” he adds. “We’re in the process of converting existing accounts over the next several months.”

Continue reading