Deals & People October 9, 2009

Envestnet Names Leader of Adviser-Directed Offerings

Envestnet has brought aboard James Patrick, former co-head of U.S. Distribution for Allianz Global Investors, to head Envestnet’s managed account program.

Reported by

As the managing director for Envestnet’s Advisor Managed Programs, Patrick will lead the company’s effort to distribute and enhance its adviser-directed offerings, the company said. “He has a long history of presenting institutional-quality strategies to the adviser marketplace,” said Bill Crager, president of Envestnet.

Envestnet said it envisions further growth in the adviser managed account area by adding  macro-economic and asset allocation guidance delivered by institutional asset allocation strategists.

“Overall, investor confidence in the financial services industry, in the markets, and in their asset allocation beliefs are on shaky ground,” said Patrick. “Now is the time for advisers to reaffirm their value proposition and deliver solutions that put clients in a position to get back on track to reach their goals.”

The Markets October 9, 2009

ETF Assets Up 5% in September

Exchange-traded fund (ETF) assets in the U.S. rose again in September.

Reported by

As of September 30, ETF assets total approximately $695 billion, according to State Street Global Advisors (SSgA), an ETF provider. ETF assets rose $33.6 billion, or 5.1%, last month.

All 12 types of ETFs gained assets. The International category saw the largest absolute gain, climbing $12.6 billion, according to SSgA data. Inverse/leveraged ETFs were up 2% after seeing losses in July (see “ETFs Gain Assets Overall; Leveraged ETFs Lose Assets”).

By size and style, the mid-cap and small-cap categories saw the most gains, up 10.6% and 8.6%, respectively. Large-cap fell slightly, losing about $2 billion. Small-cap and mid-cap have outperformed large-cap year-to-date by more than 1,500 basis points, according to the report. Across the board, all market caps are up more than 20% year-to-date.

All 10 sectors gained assets last month. Materials jumped 15.5% and industrials climbed about 14.6%. Industrials performed the best last month (up 6.8%). Year-to-date, technology outpaces other sectors (up 46%).

Short interest rose among several size categories, particularly small-cap, which jumped 8.2%. Short interest fell for REITs and U.S. large-cap (about 4% for each).

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