The collaboration represents a new capability to combine private assets alongside SMAs within a single tax-managed portfolio.
Vestmark, Inc., a leading wealth management software and services provider, announced the launching of a tax-managed unified managed account (UMA) with private assets. This long-awaited capability was developed in partnership with iCapital1, BlackRock, and Dynasty Financial Partners and will be available to RIAs seeking to combine subscription-based alternatives with ETFs, mutual funds, equity SMAs, fixed income SMAs, and direct index SMAs in a single custodial account.
This solution provides advisors with a streamlined, scalable process enabling allocation to alternative investments in a diversified portfolio within a UMA construct. The initial launch integrates iCapital’s technology platform and tools, allowing Dynasty advisors to incorporate subscription-based alternatives into their UMA portfolios using asset allocation models developed with BlackRock. The offering provides access to BlackRock’s leading asset allocation and portfolio design capabilities across private and public markets, featuring streamlined administration and custodial integration in a single account.
“The wealth management industry has for too long been on the precipice of UMAs fulfilling their promise of simplicity and efficiency. With what we are launching today, Vestmark is fulfilling that promise,” said Karl Roessner, CEO of Vestmark. “We are honored to collaborate with iCapital, BlackRock, and Dynasty to bring this long-awaited and truly innovative solution to fruition. We are excited for how this offering will revolutionize the advisor experience.”
“This collaboration with Vestmark, iCapital, and Dynasty allows us to continue expanding choice to RIAs, providing them with the ability to access private markets, SMAs, as well as public markets in a single account,” said Eve Cout, Head of Solutions for BlackRock’s U.S. Wealth Business. “Our dedication to innovating how we deliver custom model solutions empowers advisors to better serve their clients—and it’s driving the rapid growth of our models business.”
“Dynasty is proud to build upon our existing partnerships with Vestmark, BlackRock, and iCapital to deliver innovative solutions to our growing advisor network,” said Marc Hineman, Chief Operating Officer of Dynasty. “This enhanced capability was developed in response to demand from our network and is an extension of our existing Model Select program, which has already seen impressive adoption. The ability to add subscription-based private investments enables advisors to better serve larger relationships with more sophisticated portfolios and equips them with the technology and execution capability to manage those relationships at scale.”
Source: Vestmark
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