Wells Fargo’s Wealth & Investment Management (WIM) division, working with the fintech firm InvestCloud, now offers alternative investments in its Personalized Unified Managed Account program.
The move provides advisors and clients with more investment types in a single account, the wirehouse said in announcing the change this week, citing increasing demand for alternative investments.
“We are committed to providing new technologies that deliver personalized, scalable and data-driven client experiences,” Greg Maddox, WIM Investment Solutions product management executive, said.“
Jeff Yabuki, InVestCloud chairman and CEO, said the company's technology can enhance the client-advisor relationship through a better wealth management experience.
Alternative investments include hedging and arbitrage techniques, derivatives, long and short positions, and investments in private offerings and global markets for qualified clients. They can include alternative mutual funds, private funds — hedge funds, managed futures, private equity and private debt — and some real assets, such as private real estate.
“History shows that diversifying investments or asset classes generally has been an effective strategy to help manage a portfolio’s risk and return profile,” WIM Chief Investment Officer Darrell Cronk said. “Investors are looking for ways to build more resilient portfolios, and we are dedicated to developing new strategies and tools to help them reach these goals.”
Now, WIM's Personalized UMA structure can hold both traditional and alternative investments where suitable, the company said.
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