Products July 17, 2007

Albridge Solutions Makes Accounting and Reporting Solution More Flexible

Albridge Solutions Inc. has added internal rate of return (IRR) and daily time weighted return (DTWR) rates calculations to its Albridge Wealth Reporting portfolio accounting and performance reporting solution.
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Albridge, which provides wealth management services and technology to help financial institutions and advisers determine clients’ assets, says the new IRR and the already-offered Modified Dietz formulas enable financial advisers to use a dollar-weighted calculation when figuring out a client’s portfolio performance. This means advisers will take into greater account the timing and size of cash flows in and out of a portfolio and their impact on portfolio performance over time.

The DTWR calculation is more geared toward asset managers looking to follow the CFA Institute standards for measuring their investment performance, which means the calculation is less impacted by the timing and size of cash flows on performance over time, according to a company press release.

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The calculation can be made anytime, as well as on a cyclical basis.

“In expanding the range of rate of return (ROR) calculation options, Albridge is now providing individuals and asset managers with an unmatched level of choice in selecting calculations for measuring and reporting on performance at the individual holding, asset class, account, investor and consolidated portfolio levels,’ said Jake Rohn, executive vice president, Albridge Solutions, in the press release.

For more information visit www.albridge.com.

Deals & People July 17, 2007

PNC Adds Genworth Annuity

PNC Institutional Investments has added Genworth’s ClearCourse group variable annuity as a 401(k) option on PNC’s platform.
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A Genworth news release said ClearCourse offers participants income for life guaranteed by Genworth Life and Annuity Insurance Company with upside potential.

“While people are saving for retirement, they need tools to help provide them with income after they stop working, particularly as people are living longer. ClearCourse gives employees a way to save and get a retirement paycheck for life.” said Fred Conley, president of Genworth’s Institutional Retirement Income Group.

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Every contribution to ClearCourse purchases a specific amount of retirement income that cannot be outlived, according to the announcement. The contributions are invested in an underlying portfolio – consisting primarily of stocks and bonds – and, based on the portfolio’s performance, participants have the opportunity to receive income payments greater than the guaranteed amount.

Even if portfolio fluctuations cause a decline in the account balance, there would not be a decrease in the amount of guarantee purchased, the announcement said.

PNC provides its Vested Interest platform for approximately 500 defined contribution plans, having more than $7 billion in assets and 180,000 participants, according to the news release.

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