Genworth Financial Wealth Management Inc. has appointed Eaton Vance Investment Managers as a portfolio strategist for its client accounts.
Financial advisers on Genworth's platform will now have the option to select Eaton Vance for client accounts using the firm's absolute-return and tactical-unconstrained-asset-allocation approaches.
"We are very pleased to be adding Eaton Vance as a portfolio strategist on our platform," Gurinder Ahluwalia, president of GFWM, said in a statement. "It is one of the nation's most established investment management firms, with a long-standing reputation for diligence and sound judgment.”
Eaton Vance markets investment products to individual investors, institutions and financial professionals.
Mr. Ahluwalia said he believes that Eaton Vance's investment philosophy compliments Genworth's approach to investing. Genworth follows a diversified approach using both strategic and tactical asset allocation. Genworth aims to help advisers build client portfolios that offer both risk management and potential for capital appreciation.
Advisers had asked Genworth to select managers who will offer less market-oriented approaches, said Mike Abelson, senior vice president of investment and product management for Genworth.
“In the past, many advisers have perhaps used mutual funds that are sponsored by Eaton Vance," Mr. Abelson said. "But bringing together turnkey asset allocation strategies that span risk profiles is something unique and new to the independent adviser market."
Russ Kubie, a vice president at Eaton Vance, said longtime industry portfolio managers Daniel Strelow and Jeffrey Rawlins will run the five customized portfolios for Genworth.
“We see it ultimately as a great fit,” Mr. Kubie said. “This is another great opportunity for Eaton Vance to bring its capabilities to the adviser marketplace.”
Genworth has more than $100 billion in assets, and Eaton Vance, one of the oldest investment management firms in the country, manages $165.4 billion in assets.
