an Francisco-based Wells Fargo
is rolling out a new asset allocation product built around mutual funds for its small to midsize institutional trust clients, including retirement plans, endowments and foundations. The firm said that it would use its own Wells Fargo Funds and Collective Funds for the product as well as non-proprietary mutual funds.
Wells Fargo Institutional Trust Group handles selection of the funds offered in the asset allocation product. Wells Fargo Funds Management will work with clients to create the allocation based on the clients' profile, investment policy and strategy. The firm said it created the Managed Allocation Portfolios to consolidate the tasks of selecting multiple money managers and allocating assets across multiple investment styles. The bank will use its proprietary tactical asset allocation model to shift and rebalance portfolio holdings according to a client's investment objectives and the current market environment.
"Our local and regional managers work closely with each client to determine their particular investment profile, policy and strategy," explained Mike Hogan
, president of Wells Fargo Funds Management.
"Most institutional clients, regardless of size, have similar needs. They want an asset allocation strategy designed specifically for their risk tolerance level and the ability to employ multiple managers within their portfolio," added Doug Murray
, senior vice president of Wells Fargo's Institutional Trust Group. "We've developed an extensive investment program of mutual fund-based portfolios coupled with dedicated service for clients who typically do not have the asset scale or in-house resources to achieve these goals in an optimal fashion."
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