A $10 billion broker-dealer has teamed up with Managed Portfolio Advisors (MPA) and Pershing to launch a unified managed account (UMA) program for its 1,200 advisors.
Minnesota-based Securian Financial Services has picked MPA to provide overlay management of portfolios that will be made up of mutual funds, exchange-traded funds (ETFs) and 20 separately management account (SMAs) strategy.
The SMAs will be selected by Securian’s investment resource group, which is made up of seven research analysts and headed by chief investment officer Jeff McGrath.
The UMA program will be called Securian One and will also make use of MPA’s tax management services.
Advisors using the program will be able to choose from an open universe of ETFs and mutual funds and the number of SMAs will grow by between 10 and 15 more in the near future, according to a spokesperson for Securian.
Curt Overway, MPA president, said: ‘With the launch of Securian One, advisors have greater access to a suite of asset allocation models and an enormous amount of flexibility in choosing mutual fund and ETF options for client portfolios.’
Securian Financial Services is part of the larger Securian Financial Group, which also consists of life insurance companies Minnesota Life and Securian Life, and had $70 billion in assets under management at the end of December 2016.
In early August, independent broker-dealer Kestra Financial acquired Bethesda-based broker-dealer H Beck, from Securian Financial Group.
The terms of the deal were not disclosed however H Beck has 600 financial advisors and $2.43 billion.