Advisors who custody assets with Schwab
Institutional now have access to Russell Investment Group's managed
account program, according to the companies.
Under a new agreement, the Russell Asset Management
Program, a fee-based mutual fund asset allocation product, will be made
available to independent advisors affiliated with Schwab.
The program, according to Russell, offers the same
multi-manager investment approach that Russell offers its institutional
clients. The program consists of strategically diversified portfolios
that can be customized for clients, depending on their risk tolerance.
The program utilizes three investment strategies, each with a selection of outside investment managers.
The asset management program also allows advisors to create
their own customized portfolios, and also includes automated
rebalancing, quarterly reporting, fee processing, management reporting
and operational support.
"Russell's managed account product-which accesses
Schwab's open architecture without loss of investment quality
control-allows advisors to enhance their service capabilities for a
larger and increasingly diverse clientele," says Greg Stark, managing
director of Russell U.S. Individual Investor Services.