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Connecticut Bank to Use Overlay Technology for Wealth Management

The banking unit of People's United Financial (PBCT) of Bridgeport, Conn., will use Smartleaf's overlay technology for its wealth management business.

This will give the $28 billion-asset bank access to new ideas through third-party models while also improving customization, tax management and efficiency, Smartleaf said Tuesday. The bank's portfolio managers will retain control over their clients' assets while continuing to offer open-architecture research.

Smartleaf, based in Cambridge, Mass., provides overlay portfolio management products. Its clients include U.S. Bancorp (USB), Comerica (CMA) and BB&T (BBT).

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