RBC Dain Rauscher Unveils Managed Account Product

August 25, 2004 (PLANSPONSOR.com) - Minneapolis securities firm RBC Dain Rauscher has launched RBC Total Portfolio, a unified managed account (UMA) program.

RBC Total Portfolio features an open architecture that allows RBC Dain Rauscher financial consultants to offer their clients diversified portfolios of individual separate accounts, mutual funds, and exchange traded funds (ETF), with a minimum account size of $250,000, the company announced in a news release.

Financial consultants can choose from a variety of pre-configured model portfolios or build their own using any of the available products, selected and monitored by RBC Dain Rauscher’s Investment Consulting Services and Advisory Research teams, according to the announcement.

The program is expected to roll out to all RBC Dain Rauscher financial consultants in October 2004, following the completion of a pilot program in September.   RBC Dain Rauscher is launching the RBC Total Portfolio with Placemark Investments of Dallas as the overlay manager.

In developing the program, RBC Dain Rauscher selected a subset of separate account managers currently available in the firm’s Consulting Solutions Separate Account Program.   There will be approximately 30 investment styles from among 20 investment management firms available in the initial product launch, the announcement said.

In addition to performing regular rebalancing, cash management, and implementing trades in the RBC Total Portfolio accounts, Placemark’s tax-optimization services will be available.

“Financial services companies are increasingly turning to overlay management to deliver more personalized portfolios and better manage an increasingly diverse and demanding client base,” said Lee Chertavian, CEO of Placemark Investments.  

RBC Dain Rauscher, a subsidiary of Royal Bank of Canada, is the nation’s eighth largest full-service securities firm with more than 1,800 financial consultants and 5,000 employees, the announcement said.