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Thursday, November 19, 2015

Cap Group Teams Up With a TAMP

Reported by Neil Anderson, Managing Editor

Capital Group is teaming up with a giant TAMP to power a new series of risk-based portfolios of mutual funds.

James "Jim" Patrick
Envestnet, PMC Product and Marketing
Executive Vice President
Jim Patrick, executive vice president of Envestnet | PMC (portfolio management consultants), confirms the creation of the American Funds/PMC Active Core Portfolios [profile]. The series includes seven risk allocations: aggressive, capital preservation, conservative, conservative growth, growth, moderate, and moderate growth.

"American Funds has a thesis around 'active at the core,'" Patrick tells MFWire. "This is a materially American Funds-influenced portfolio. We took the 'Active at the Core' whitepaper that they created and found significant interest from our clients."

That thesis, which the new portfolios are built from, has two main tenets used to guide fund selection: funds with PMs who eat a lot of their own cooking, and funds with low fees.

"We definitely experienced demand from our advisory community and broker-dealer community," Patrick says.

"The Active Core Portfolios are an easy way for advisors to tap into our capabilities," states Bill Brady, senior vice president and director of distribution, wealth management for American Funds. "We believe working with Envestnet | PMC will help meet the demand for packaged solutions that leverage American Funds at the core of a portfolio."

Patrick's unit, the portfolio management consultants arm of the Chicago-based, publicly-traded TAMP, uses the Los Angeles-based, privately-held mutual fund giant's two tenets as part of the screening process for the new portfolios. Envestnet | PMC pulls funds from its research select list; currently there are eight American Funds mutual funds and seven other mutual funds inside the portfolios, though Patrick notes that that will change over time.

"We have a remarkable product roster at Envestnet overall," Patrick says. "We're not in the position of pushing certain products at PMC. We're consultants."

Cap Group works with more than $1.4 trillion in AUM. Envestnet supports more than 43,500 advisors and their more than 3.2 million investor accounts with nearly $800 billion in assets, including more than $250 billion in fee-generating AUM and AUA (assets under administration). 

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