Products October 1, 2007

Bank of America Launches Unified Managed Account

Bank of America announced the launch of a Unified Managed Account (UMA) Program designed for its wealthy and ultra-wealthy clients.
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The UMA Program provides clients with customization through multiple, institutional-level separate account managers, exchange-traded funds, and mutual funds in one account utilizing an active overlay portfolio manager, according to a press announcement. The UMA Program offers a highly-personalized solution, with portfolio managers building customized asset allocations and then constructing portfolios using a combination of separate account investment managers.

Through the program, clients have access to over 70 different investment managers, comprising a wide range of asset classes and styles, including large cap, small cap, mid cap, international, global, fixed income, and high yield. The announcement said the accounts will be managed for tax efficiency by the overlay manager, and most investment managers that participate in Bank of America’s separate account programs have agreed to participate in the new UMA platform.

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Developed and administered by Bank of America’s Consulting Services Group, the new UMA will be rolled out to all U.S. Trust, Bank of America Private Wealth Management clients over the coming months, beginning with legacy Bank of America Private Bank clients, the announcement said.

More about Bank of America is at www.bankofamerica.com.

Products October 1, 2007

New Transamerica Specialists to Help Advisers Grow Businesses

In order to help financial advisers capture more business in the small-plan retirement plan market, Transamerica Retirement Services has expanded its sales support staff with a newly created position called a Market Development Specialist.
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The primary function of the Market Development Specialist will be to serve as a knowledgeable retirement industry expert and assist Transamerica’s regional vice presidents in helping financial advisers build strong, sustainable retirement plan practices (specifically working in the $50 million or less plan market). The Specialists will be responsible for establishing and maintaining ongoing relationships with branch personnel and financial advisers looking to expand their 401(k) business and will play a critical role in educating financial advisers on the industry, according to a company press release.

Transamerica has hired eight Market Development Specialists; two Specialists for each of the four geographic sales region: Central, Northeast, Southern, and Western regions.

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“Our goal at Transamerica is to marshal our resources to assist financial advisers in delivering true value to their retirement plan clients. The Market Development Specialists are just one more level of support financial advisers can rely on to help increase their own presence in the retirement plan market,’ said Stig Nybo, senior vice president, national sales director for Transamerica Retirement Services, in the release.

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