Schwab Institutional said it has started a bundled managed account product that gives advisers access to portfolio management by its U.S. Trust bank subsidiary.
Managed Account Affiliates features account minimums as low as $100,000 for most equity management, the San Francisco brokerage company said on Tuesday.
Managed accounts are portfolios of individual securities managed on a discretionary basis by institutional portfolio managers. Cerulli Associates, a Boston research and consulting company, says assets in managed account consulting programs topped $548 billion at Sept. 30 - a 21% growth rate from the year earlier. Schwab said its managed accounts grew 40% in the same period.
Schwab Institutional's managed account services include Managed Account Select, a complete bundled solution, and Managed Account Marketplace, an open-architecture platform that gives access to a variety of money managers.
