Placemark Investments, a Dallas unified managed account manager for financial services companies, said it had secured a new round of venture capital through RBC Technology Ventures, Ascent Venture Partners, and North Hill Ventures.
The financing, whose terms were not disclosed, is intended to let the company continue to rapidly increase hiring and to establish unified managed account programs that expand its assets under management, it said on Tuesday.
Unified managed accounts let advisers offer clients a single account that combines all their investments, including managed accounts, exchange-traded funds, annuities, and mutual funds.
Placemark is offering the accounts for balances as low as $100,000. Tower Group has forecast that managed account assets will exceed $1 trillion by 2007, with unified managed accounts as a significant driver of growth from the March 31 total of $590 billion.
Placemark acts as the overlay manager for all its sponsors' unified managed account programs and has discretionary control over portfolio trades and executing program features such as tax management and automated rebalancing.
In the last year Placemark has introduced unified managed account platforms for RBC Dain Rauscher, Piper Jaffray & Co., and Janney Montgomery Scott.
