Transamerica Partners With Great Lakes on Managed Accounts
Transamerica Asset Management has expanded its existing relationship with Great Lakes Advisors, a subsidiary of Wintrust Financial Corp., by soliciting the company’s Large Cap Value UMA and SMA strategy.
The expanded partnership will allow Transamerica to broaden the selection of managed account products for advisors, while Great Lakes Advisors will increase its access to intermediary channels by leveraging Transamerica’s distribution scale and advisor relationships. Great Lakes Advisors’ Large Cap Value strategy is available in a managed account through LPL Financial, Charles Schwab, Morgan Stanley and Envestnet, among other platforms.
Advisors are increasingly relying on managed accounts to construct portfolios for wealthier clients. According to research from Cerulli Associates, assets in SMAs, UMAs and related accounts are growing at a double-digit rate annually and are projected to reach $31.8 trillion by 2028. As a result, there has been a proliferation of new SMAs and UMAs in recent months, with Fidelity, Citi Wealth, Vestmark and Envestnet, among others, either launching new or expanding existing SMA and UMA capabilities.
“We believe large cap value remains an important component of a diversified equity portfolio, and by offering advisors multiple ways to access the strategy, we are making it easier for them to implement investment solutions that meet the evolving needs of their clients,” said Marijn Smit, CEO of Transamerica Asset Management, in a statement.
According to a statement from Tom Kiley, CEO of Great Lakes Advisors, “In an environment where equity allocations have grown increasingly concentrated, we believe disciplined large cap value exposure is an essential diversifier for advisors and their clients. Partnering with a firm of Transamerica’s reach and quality allows us to deliver that discipline to far more investors, and we’re excited to keep deepening the relationship between our two organizations.”
