State Street Global Advisors, State Street Corp.'s investment management arm, announced that it has been appointed as a portfolio strategist firm by the Genworth Financial Wealth Management Inc. unit of Genworth Financial Inc.
State Street Global Advisors will manage a series of six tactical asset allocation portfolios using its SPDR exchange-traded funds, it announced last week.
The portfolio are available to high-net-worth clients through Genworth Financial Wealth Management's independent financial adviser distribution channel.
State Street Global Advisors' asset allocation team manages more than $170 billion; at the end of 2008 State Street Global Advisors had $159 billion of ETF assets under management.
Genworth Financial Inc. ended the year with assets of more than $100 billion.