Wachovia Corp.'s wealth management division, in conjunction with its trust unit, Wachovia Trust, said Monday that it had executed contracts with more than 50 equity and fixed-income managers to be on a recommended manager list.
The new open architecture platform, called Advantage, now includes 117 account managers and mutual funds, plus 124 state-specific municipal strategies, the Winston-Salem, N.C.-based division said.
The platform includes traditional investment strategies such as domestic and international equities and fixed-income, as well as a range of alternative strategies for high-net-worth investors. Alternative strategies include hedge funds, commodities, real estate, and private equity.
Wachovia also said it has enhanced its asset allocation and manager selection process to include recommended pairings or blends of certain investment strategies. These blends are based on analysis by the company's new investment strategy and research team to determine how the various styles of money managers work together.
Investors in a Wachovia-sponsored survey said they wanted more investment choices, based on an objective selection process, and wanted financial planning that included their nonfinancial assets, such as real estate or businesses.
