NU Online News Service, Sept. 18, 1:16 p.m. – Manulife USA, Boston, a unit of Manulife Financial Corp., Toronto, is entering the managed account business.

A managed account is the modern version of what used to be known as a large, diversified individual investment portfolio.

The new Manulife Private Account program will require a minimum investment of $100,000. The typical client will probably be a wealthy investor who wants personalized service combined with efforts to maximize returns and minimize taxes, Manulife says.

Manulife Financial will use several money managers to shape investment strategy.

Citigroup Asset Management, New York, a unit of Citigroup Inc., will be the “overlay portfolio manager.” As the overlay manager, Citigroup will be responsible for limiting duplication of holdings and preventing excess use of any one investment style, Manulife says.