In the companies’ announcement, officials said ProManage will make investment decisions for participants and will share fiduciary responsibility with plan sponsors.
ProManage will automatically execute investment moves such as selecting funds and allocating assets as well as recalculating portfolios to match participants’ changing needs, the companies said.
The companies said ProManage’s services would
particularly appeal to participants who don’t have the time
or investment knowledge to run their own account.
The product will be available through ProManage in June.
Emplanet, based in Westborough, Massachusetts, started in 2000. The Chicago-based ProManage provides investment advice to participants in 401(k), 403(b), and 457 plans.