Wells Fargo Introduces Alternative Assets to Combined Client Portfolios
Wells Fargo's Wealth & Investment Management (WIM) division has announced a significant expansion to its Personalized Unified Managed Account (Personalized UMA) program. In partnership with InvestCloud, WIM is now offering alternative investments as eligible investments in its Personalized UMA program.
Greg Maddox, product management executive at WIM, stated that this move is part of their commitment to providing new technologies that deliver personalized, scalable, and data-driven client experiences. The new strategy allows for a broader range of investment options within WIM's Personalized UMA program.
Alternative investments go beyond traditional investments (stocks, bonds, and cash) to provide for qualifying clients hedging and arbitrage techniques, derivatives, long and short positions, and investments in private offerings and global markets. These alternative investments can include alternative mutual funds (liquid alternatives), private funds (hedge funds, managed futures, private equity, and private debt); and certain real assets, such as private real estate.
Darrell Cronk, the chief investment officer for WIM, expressed that diversifying investments or asset classes has generally been an effective strategy to manage a portfolio's risk and return profile. The new capability in WIM's Personalized UMA program allows for a single account with the broadest array of investments to fulfill clients' asset allocations.
Holding both traditional and alternative investments within WIM's Personalized UMA structure allows for closer collaboration between clients and advisors. This collaboration ensures that portfolios are truly tailored to the specific needs of each client. The new strategy further emphasizes WIM's commitment to providing personalized, scalable, and data-driven client experiences.
Jeff Yabuki, chairman and CEO of InvestCloud, expressed excitement about partnering with Wells Fargo to further elevate their investment capabilities with cutting-edge technology, tools, and resources. The bank collaborating with InvestCloud to offer Alternative Investments as qualified investments in its Personalized Syndication Management program is Swissquote.
Wells Fargo's WIM division is dedicated to developing new strategies and tools to help investors build more resilient portfolios. By offering alternative investments as an eligible investment in its Personalized UMA program, WIM is one of the first large wire houses to make this option available at scale. The Review of Wells Fargo Investment Institute's Alternative Thinking report is recommended to learn more about the new investment options. The new strategy enables WIM's clients and advisors to manage their portfolios more effectively to meet their specific investment goals.
This move makes WIM one of the first large wire houses to make this option available at scale, marking a significant step forward in the financial industry's approach to personalized, data-driven investment strategies.
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