Placemark Investments, a Dallas overlay manager for financial services companies, announced Monday that it will supply overlay services to Smith Barney Consulting Group, the managed account unit of Citigroup Global Markets Inc.
The Texas company is to provide active overlay management for Smith Barney Consulting Group's new Select Portfolios, a multiple-strategy program that is available now to more than 13,000 Smith Barney financial advisers and their clients.
Select Portfolios offer a variety of predefined asset classes and investment styles that are subadvised by unaffiliated investment managers chosen by Smith Barney Consulting Group. The portfolios are designed to be consolidated in a single account that includes automated rebalancing and cash management carried out through Placemark's overlay process. Smith Barney clients also have access to a premium option that uses Placemark's tax management process to customize accounts for greater tax efficiency.
