FundQuest, a Boston-based investment advisor and a part of BNP Paribas, has announced that, since July of 2008, 54 more firms have made its Unified Managed Account (UMA) services available to their financial advisors. It has said that with these additions, a total of 122 client advisory firm clients have now adopted FundQuest’s UMA over the past year.
The firms using FundQuest’s UMA include independent registered investment advisors, the advisory arms of large insurance broker-dealers, bank broker-dealers, and independent broker-dealers like MML Investors Services in Springfield, Lincoln Financial Group near Philadelphia, and American Reliance Group in Spokane. In addition, FundQuest has claimed that advisors located at 150 community banks and credit unions now have access to UMA. It has been reported that FundQuest’s investment management team provides overlay management services to coordinate the investments in the UMA to meet individual client objectives.
Tim Clift, CIO, said: FundQuest’s UMA provides advisors with a carefully coordinated portfolio of mutual funds, exchange traded funds (ETFs), and separate account strategies all within a single account. Because there are lower minimums for some of the investment strategies utilized inside FundQuest’s UMA, many investors can gain first-time access to institutional quality managers. The UMA gives our client firms a highly sophisticated and competitive offering.
