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).