The new platform replaces the system which Regions Wealth Management had earlier when it had owned Morgan Keegan; the publication quoted Don Korn, director of portfolio management for the Regions Wealth Management Group, as saying.
He further explained that the platform incorporates a unified account management structure, which allows advisors and portfolio managers to buy the best ideas from asset managers through overlay portfolio management technology.
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"Instead of them executing the trades and managing the trades from afar, they’re just sending us their best ideas and we’re implementing them within our portfolios more efficiently. The UMA structure is the most advanced structure and it’s the cheapest," Korn said.
The new technology will serve clients in Regions’ Private Wealth Management and Institutional Services divisions.
Additionally, Prudential will provide Regions with due diligence of outside managers, that will help in creating a platform of managers that portfolio managers in the field have to select from and will provide in-field support to advisors and portfolio managers to help them close more business.
Though the implementation of the platform began in December 2012 with the transition of all separately managed accounts, Regions will launch the full platform to all portfolio managers and advisors in the field on 11 February 2013.
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