The new asset management system provides portfolio management services to 401(k) plan investors, according to a press release from the companies. The program will allow plan participants to delegate specific investment decisions to professional managers, with each account being personalized by age, savings information and current investments.
Participants in the program will also have access to investment advisors through call centers and can increase the personalization level of their accounts by giving additional information.
With this additional product, Mellon HR&IS – a human resources and shareholder services business of Mellon Financial ( www.mellon.com ) – adds 401(k) portfolio management to its product line, according to the press release. Financial Engines ( www.financialengines.com ) provides the full-service managed accounts program for Personal Asset Manager.