Products January 26, 2009
ProNvest Helps Sponsors with Managed Account Due Diligence
January 26, 2009 (PLANSPONSOR.com) - ProNvest Inc.
has rolled out a new service designed to assist plan sponsors
with their fiduciary liability in offering managed
accounts.
Reported by Rebecca Moore
The company points out in a press release that while the Pension Protection Act of 2006 (PPA) allowed plan sponsors to offer managed accounts using a fiduciary adviser, it made plan sponsors responsible for selection, due diligence, and ongoing monitoring of the fiduciary adviser that it selects, with each decision being a fiduciary decision. ProNvest approves and integrates multiple Investment Managers/RIAs into its managed account platform and conducts ongoing due diligence in accordance with PPA guidelines.
According to the press release:
- ProNvest’s due diligence and monitoring services enhance the plan sponsor’s efforts to fulfill its fiduciary responsibility in the selection and monitoring of investment managers.
- ProNvest helps enable the plan sponsor to select the investment manager that best meets the needs of its’ plan as opposed to using a single managed account offering that is integrated into the provider.
- ProNvest helps reduce provider fiduciary liability by engaging the plan sponsor in much of the due diligence effort required.
- ProNvest standardizes the integration and operation of each investment manager into its platform so that there is a single integration with each provider, even if the plan decides to change investment managers at a later date. Single integration helps eliminate additional integration costs, minimizes ongoing support of data connections, use of IT resources, and helps eliminate potential service disruption to participants when changing investment managers.
More information is at www.ProNvest.com .
You Might Also Like:

DOL Issues Guidance for Investors, Plans on Investment Advice Exemption
It sets forth questions an investor can ask potential advice providers and information to help them understand the purpose of...

Products |
Center for Board Certified Fiduciaries to Offer Master’s, Ph.D.
Thirty-five fiduciary advocates and leaders have created the center, which will be affiliated with at least one university, to help...

USI Insurance Latest to Face ERISA Self-Dealing Complaint
The complaint suggests USI and its officers have not operated the company’s retirement plan benefit prudently or loyally.