Deals & People April 27, 2011

State Street Adds to Derivatives Team

State Street Corporation announced that Charles Cooper has joined the company as senior managing director of State Street’s eExchange derivatives program.
Reported by

Cooper will lead eExchange’s efforts to respond to market changes stemming from the Dodd-Frank financial reform bill. He will work with clients to ensure the continued success of existing products and build new trading and settlement offerings to comply with the evolving regulatory landscape.   

He is based in New York and reports to Clifford Lewis, executive vice president and head of State Street’s eExchange business, a division of State Street Global Markets.   

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According to the announcement, Cooper most recently worked at Deutsche Bank AG in London, where he served as global head of Legal Operations in the risk management division. Prior to joining Deutsche, Cooper spent more than two years as chief operating officer and chief of staff for the US Commodity Futures Trading Commission (CFTC), the federal regulator charged with overseeing the futures and options industries in the United States.  In that capacity, he served as the Commission’s senior staff representative on the President’s Working Group on Financial markets.  From January 2004 through August 2005, Cooper served as special assistant and chief spokesman to Deputy Secretary of Defense Paul Wolfowitz at the Pentagon. 

Cooper earned both a bachelor’s degree (government) and a juris doctor degree from Georgetown University in Washington, DC.
Products April 27, 2011

National Advisors Trust Adds UMA Offering

National Advisors Trust Company has added Envestnet UMA – a customizable unified managed account solution – to its platform for registered investment advisers (RIAs).
Reported by

Envestnet UMA combines multiple investment products into one account, enabling RIAs to simplify account maintenance while delivering portfolio options that are tailored to client risk profiles, needs, and objectives, National Advisors Trust announced.

National Advisors will also provide its trust and custody platform, AdvisorDesk, to existing Envestnet adviser firms who need trustee or Agent for Trustee services. “For advisers who want to use Envestnet for trust accounts, we can now support that capability through National Advisors Trust’s custody and trust services,” said Lori Hardwick, Envestnet’s Executive VP, Advisory Services.

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Highlights of the Envestnet UMA include:

  • Build customized asset allocation models using any combination of 27 asset classes; models can be saved and applied to multiple accounts.
  • Access to tools that make recommendations to help determine the appropriate asset allocation for their clients.
  • Create customized portfolio models with over 4,000 investment products to fund each asset class.
  • Separate accounts, mutual funds and ETFs can be combined in a single account; one registration and one 1099 form eliminate the need for multiple sets of paperwork.    
  • Block trading across accounts reduces overall fees, as well as trading and custody fees for equity trades and for ETF-heavy SMAs and UMAs; it also eliminates the need to execute multiple orders, potentially reduces execution risk and improves price certainty. 
  • Systematic rebalancing, coordinated tax harvesting, and single-schedule fee billing reduce advisers’ administrative burden. Trades and rebalancing are conducted by Envestnet, who acts as the Overlay Manager.

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