Genworth adds SSgA tactics to outsourced offering

FWR Staff

12 February 2009

State Street unit to run SPDR-driven tactical asset-allocation portfolios. Fee-based investment-platform provider Genworth Financial Wealth Management has made State Street Global Advisors manager to six tactical asset-allocation portfolios that use SSgA's SPDR ETFs.

"We are delighted to bring SSgA's sophisticated institutional investment-management skill to the retail market through an offering that combines their strengths in asset allocation and ETFs," says GFWM product manager Michael Abelson. "The addition of as a Genworth portfolio strategist will further enhance our industry-leading investment-management platform."

Tactical times

The portfolios, reflecting a range of risk profiles, are available to high-net-worth clients through advisors who have access to Genworth Financial Wealth Management's open-architecture investment-management programs.

GFWM's selection of SSgA "reinforces the growing popularity of tactical asset-allocation models powered by SPDR ETFs," according to SSgA managing director Michael Dalis. "This appointment is a great example of how leading financial services companies are leveraging our wide ranging investment product and service expertise to meet their clients' needs."

SSgA is the asset-management arm of Boston-based State Street Corporation. It managed $1.4 trillion at the end of 2008; $159 billion of that total in ETFs.

GFWM is part of Richmond, Va.-based Genworth Financial. -FWR

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