Oppenheimer Launches Unified Managed Account Program With Placemark Investments as Overlay Manager
January 23 2007 - 8:15AM
PR Newswire (US)
Investment Firm Introduces Unified Managed Accounts to Investment
Advisory Services NEW YORK, Jan. 23 /PRNewswire-FirstCall/ --
Oppenheimer Asset Management, Inc., together with its affiliates
Oppenheimer Holdings Inc. and Oppenheimer & Co. Inc.,
(Oppenheimer) a leading national investment boutique, and Placemark
Investments, Inc., the industry's largest independent provider of
active overlay portfolio management services, are pleased to
announce the launch of a unified managed account (UMA) offering
created to continue Oppenheimer's tradition of providing innovative
investment management solutions to the firm's clients.
Oppenheimer's UMA program offers portfolios consisting of premier
investment managers and ETFs for a broad spectrum of investor needs
and risk levels. The UMAs are part of Oppenheimer's highly
successful Investment Advisory Service (IAS) program. "UMAs have
rapidly become an important platform for delivering integrated
wealth management solutions to individual and institutional
investors," said Peter Amendolair, Oppenheimer's Senior Managing
Director in charge of the Consulting Group. "The UMA portfolios we
have constructed allow our financial advisors to continue providing
superior programs and services to our clients." The UMA portfolios
have minimums ranging from $50,000 to $500,000, and include focused
equity as well as fully diversified asset allocation offerings.
Placemark, based in Dallas, TX, and Wellesley, MA, will be the
overlay manager for the portfolios, taking investment discretion on
all accounts and coordinating the back office and administrative
functions. Oppenheimer clients will also have the option of adding
Strategic Tax Management to their UMA portfolios, allowing those
portfolios to be custom tailored by Placemark to each client's
individual tax needs. "Placemark's overlay capabilities enable us
to offer a single account that encompasses a variety of diversified
investment strategies," continued Amendolair. "Because Placemark
handles the day-to-day administration of the program --
rebalancing, cashflow management, and tax management -- our
financial advisors can continue to provide the high level of
personal advisory service that Oppenheimer clients expect and
deserve without getting bogged down in the operational details
required to deliver such highly customized solutions." "We are
extremely pleased to be able to partner with Oppenheimer to offer
their advisors and their clients a unified investment solution,"
said Lee Chertavian, Chairman and Chief Executive Officer of
Placemark Investments. "The marketplace for UMAs has increased
dramatically over the last year; it's no longer a question of
should you offer one, but how soon can you get it implemented."
About Oppenheimer With roots tracing back more than a century,
Oppenheimer and its predecessor companies have been pioneers in the
financial services industry and are known for their innovative work
in the securities industry, particularly where it relates to asset
management and equity research. Throughout its history, Oppenheimer
has strived to provide investors with the necessary expertise and
insight to meet the challenge of achieving their financial goals.
In January 2003, Fahnestock & Co. Inc. acquired Oppenheimer
& Co., and in September of the same year adopted the name
Oppenheimer for the combined company. As a leading investment
boutique, it ranks as the eleventh largest independent full-service
securities firm in the United States, in terms of the number of
retail registered representatives, as of September 2006. Fahnestock
was founded in 1881 in New York City as a privately owned full-
service securities brokerage firm. It successfully weathered the
Great Depression and grew steadily over the years, expanding
significantly in the last decade through acquisitions. Oppenheimer
& Co. was founded in 1950 when a partnership was created to act
as a broker-dealer and to manage related financial services. The
firm was a groundbreaker in securities research and asset
management. Today, Oppenheimer occupies a unique position among
competitors thanks to the dedication, expertise and creativity of
its people. Oppenheimer professionals have earned the firm an
excellent reputation among investors by being responsive to client
needs, by operating with the highest standards of objectivity and
integrity, and by providing financial services that put clients'
interests first. About Placemark Placemark Investments is the
investment industry's leading overlay manager for enabling Unified
Managed Accounts (UMA), a fee-based investment solution that
incorporates multiple investments such as managed accounts, mutual
funds and ETFs into a customized portfolio. Placemark works with
managed account program sponsors to develop custom UMA programs
that deliver superior features and value to their advisors, while
leveraging their existing operational infrastructure and preferred
investment managers and products. Placemark helps create and
administer UMA programs for wirehouses, broker/dealers, and
registered investment advisors. Founded in 1999, Placemark has
offices in Dallas, TX, and Wellesley, MA. For more information,
please visit the company's website at http://www.placemark.com/.
DATASOURCE: Oppenheimer Asset Management, Inc. CONTACT: Media:
Marissa Wolf for Oppenheimer Asset Management, +1-212-850-5629, ;
or Richard Chimberg for Placemark Investments, +1-617-312-4281, Web
site: http://www.placemark.com/
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