Concord completes overlay-technology installation

FWR Staff

6 December 2007

Investment-platform seller puts last touches on integration with Smartleaf. Wealth-service outsourcer Concord Wealth Management has completed the integration of its investment platform with Smartleaf's overlay-management technology.

Concord has been working with Cambridge, Mass.-based Smartleaf for about a year, according to Richard Trumpler, CEO of Concord's banking-services group. Its Smartleaf-supported unified managed account platform went live this past summer.

Universal architecture

UMAs are fee-based, single-account investment products that typically feature combinations of separately managed accounts , mutual funds and ETFs. Overlay management refers to processes associated with account-level rebalancing, restrictions, cash flows, and, where relevant, tax-liability management.

Wealth managers with access to Concord's "Universal Architecture" platform can use Smartleaf's overlay system to rebalance client portfolios with a view to managing tax exposure, expenses and risk. Where warranted, they system also lets advisors and portfolio managers transition existing client portfolios to UMA formats.

"This alliance with Smartleaf exemplifies Concord's 'Universal Architecture' approach to wealth management, which enables banks, brokerages and other Concord clients to integrate a broad range of products, processes and technological capabilities into their own operational infrastructure," says Trumpler.

Matawan, N.J.-based Concord, which works mainly with banks, doesn't publicize its assets under administration.

Still, Smartleaf's CEO Gerard Michael says that "Concord's growth is impressive and a testament to the quality of their firm and client base. We're excited to participate in Concord's continued success as they expand their UMA offerings."

Smartleaf has around 50 institutional clients; and like Concord it does most of its business in the banking channel.

In addition to completing the Smartleaf integration, Concord has added to a recent string of hires with the appointment of Erik Leishman to oversee sales and client relationships in Concord's eastern U.S. region. He reports to executive managing director Alan Gavornik. -FWR

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