Product Partnerships – 2/21/24

Morningstar Wealth Adds SMAs to the U.S. Wealth Platform

Morningstar Wealth announced the addition of third-party separately managed accounts to its U.S. wealth platform. The additions expand the range of investment choices advisers have to build portfolios and holistic unified managed accounts, according to the division of Morningstar Inc.

The third-party SMAs have been curated from asset management firms including AllianceBernstein, Congress Asset Management, John Hancock Investment Management, Lazard Asset Management, Putnam Investments and WCM Investment Management.

“Morningstar’s dedication to empowering advisers is core to why we implemented a manager selection process leveraging our renowned manager research team to provide a curated selection of investments available on the Wealth Platform,” Cindy Galiano, managing director of U.S. Wealth Platform & Investment Solutions at Morningstar Wealth, said in a statement. “Here, advisers can readily access vetted investment options to best serve their clients, eliminating the need to navigate a vast marketplace.”

SMAs have experienced substantial growth in the investment landscape, doubling their assets under management to nearly $2 trillion since 2019, according to research Morningstar cited from Cerulli Associates. The consultancy expects this growth trend to persist, with SMAs projected to reach $3 trillion in the near future.

Orion Expands Adviser Access to Clark Capital’s Navigator Total Wealth Strategies

Orion Advisor Solutions has expanded adviser access to Navigator Total Wealth Strategies from Clark Capital Management Group, an independent asset manager, via its Orion Portfolio Solutions platform.

“We’re excited to expand adviser access to Clark Capital’s Navigator Total Wealth Strategies, offering more options to use their custodian of choice at Orion,” Ryan Beach, president of Orion Wealth Management, said in a statement.

These institutional quality strategies are actively managed, combining multiple strategies and asset classes into a single account. Strategies are available in five risk comfort zones and are available in tax-aware formats, according to the announcement. The strategies, previously exclusive to OPS clients who custody assets with Charles Schwab, are now also accessible for advisers with custody at Fidelity Investments.

“In addition to the strategies, advisers have access to our dedicated high-net-worth support team and time saving resources to help them grow and retain their business with affluent clients,” Chris Cullen, EVP and chief distribution officer at Clark Capital, said in a statement.

SUBSCRIBE Adds T. Rowe Price and Oak Hill Advisors to Client Roster

SUBSCRIBE, an operating system for alternative investments, announced that T. Rowe Price and its private markets platform, Oak Hill Advisors, have joined the SUBSCRIBE platform with the goal of enhancing digital onboarding and electronic subscription document workflow for their wealth management customers.

“Our enterprise platform solution offers leading wealth management firms a comprehensive pre-trade, trade, and post-trade suite of services to support the entire investment life-cycle of their private funds,” Rafay Farooqui, founder and CEO at SUBSCRIBE, said in a statement.

SUBSCRIBE’s platform allows wealth management firms and their financial advisers to transact and manage their alternative funds in one place, regardless of where those funds may have been sourced, according to the announcement. The platform centralizes investor data, funds and digitizes the fund investment workflows that financial advisers require to scale their allocations in the private markets.

“The streamlined platform of SUBSCRIBE will help retail investors unlock institutional-quality private credit access and the potential benefits that come with investing in the asset class, including premium yields and steady income,” Doug Keller, head of intermediary alternatives for T. Rowe Price’s U.S. Intermediaries division, said in a statement.