Envestnet on Thursday announced two separate partnerships aimed at meeting growing demands for portfolio customization and help with tax management.
Its first partnership with BlackRock provides access to BlackRock’s custom model capabilities for registered investment advisors (RIAs). RIAs can see the capabilities through their account, which will be managed by Envestnet’s UMA technology.
The portfolios will include traditional public market exchange-traded funds (ETFs), along with separately management accounts (SMAs), private markets, and other alternative exposures.
Its aim is to help advisors balance its practices, reduce operational risk, and spend more time building client relationships.
“This year, as we celebrate a decade of partnership with BlackRock at Elevate, we’re excited to offer advisors on our platform access to these innovative custom model solutions that reflect our shared commitment to providing scalable solutions that can help drive better client outcomes,” said Dana D’Auria, group president of Envestnet Solutions and co-chief investment officer at Envestnet. “By offering BlackRock’s custom model portfolios on our platform, we’re equipping RIAs with the tools they need to deliver high-quality, customized portfolios with greater efficiency and scale – and without added costs.”
At the same time, Envestnet unveiled its latest offering with State Street Global Advisors (SSGA). The two firms launched its Direct Indexing portfolios available on the Envestnet Unified Management Account (UMA) platform.
The new offering includes a suite of actively and passively managed direct indexing strategies with $100,000 account minimums, including the SSGA Global Equity Direct Index Portfolio and SSGA US Large Cap Quality Direct Index Portfolio.
“Together with State Street Global Advisors, we’re redefining access to customized, tax-smart portfolios,” said Dana D’Auria, group president of Envestnet Solutions at the firm. “Through direct indexing on our UMA platform, advisors can deliver truly bespoke solutions aligned to each client’s goals, values, and tax needs—without sacrificing scale or efficiency.”
The strategies will be offered in partnership with QRG Capital Management, Envestnet’s in-house investment team.
Both announcements were made public at the fintech platform’s Elevate conference in Las Vegas on April 9.
Envestnet currently holds $6.5 trillion in platform assets.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.