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Products January 26, 2009
ProNvest Introduces Open Platform of Portfolio Managers
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
Through the new service, ProNvest approves and integrates multiple investment managers or registered investment advisers (RIAs) into its managed account platform and conducts ongoing due diligence in accordance with Pension Protection Act of 2006 (PPA) guidelines pertaining to investment advice and managed accounts.
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 instead of 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.