From the July 2008 issue of Wealth Manager Web • Subscribe!

RIAs get new trust company and service options.

Trust Network Offers Custody and Services

Pershing LLC, a subsidiary of The Bank of New York Mellon Corp., has announced the launch of Trust Network, a new offering designed to provide a wide range of trust services including trust reporting, agent for trustee services and full trustee services to Pershing customers. An open-architecture platform, Trust Network gives its users the ability to perform trust-related services and investment management activities for their clients' trust accounts. With all related client assets custodied at Pershing and trust administration services available from four different companies-AST Capital Trust Co., Santa Fe Trust, Inc., Reliance Trust Co. and Wilmington Trust-the new service is offered to RIAs directly through Pershing LLC. Introducing broker/dealers can access the new service through Pershing Advisor Solutions LLC, a Pershing affiliate.

Training for Wealth Managers

Eaton Vance has launched a new training program designed with the particular needs of wealth managers to the ultra-high-net-worth in mind. The Eaton Vance Advisor Institute provides programming on practice management, as well as other skills training. A particular focus is on relationship building, since, according to Matthew Witkos, president of Eaton Vance Distributors, Inc., it is such a big part of working with the UHNW. Helping advisors to strengthen their relationships with clients and understand those clients better, as well as giving them opportunities to work on their own private wealth management strategies, life goals, and careers, the program offers both workshops and proprietary programming. David Richman, formerly northeastern sales director for Eaton Vance's Wealth Management Solutions Group, will serve as national director of the Institute. Richman, who has also coached advisory teams and co-authored two books, will be working with Harvard psychologist and author Dr. Robert Brooks to share the results of a year-long study on advisors' roles. Brooks, who has worked as a clinical psychologist for more than 30 years, will present workshops at the Institute. The Legacy Companies, an independent advisor, has partnered with the Institute and will be developing tools to assist advisors in perfecting their approach to prospective affluent clients.

The Long and Short of it

AXA Rosenberg Investment Management has announced a new investment strategy that capitalizes on long/short investing to fulfill its goal of delivering equity market-like returns at substantially lower levels of risk. The new strategy, which also features low correlation to equity markets, makes use of long/short investing globally-focusing on large- and mid-cap equities in the U.S., Europe, and Japan. Using a bottom-up stock selection process and a subset of AXA Rosenberg's universe of more than 21,000 stocks ranked by prospective earnings relative to their peers, the strategy selects from stocks falling within the 80 percent market cap for their region and identifies large numbers of both long and short candidates that will be used in ongoing portfolio construction. Among the strategy's additional features are smaller drawdowns, a leverage factor, a reduction in rebalancing trades, and risk controls with the potential to allow more expected alpha to be transferred to the portfolio. A stop-loss provision sells short positions when they lose all initial equity.

Marlene Y. Satter is a freelance business writer who can be reached at

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