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State Street Global Advisors to manage Genworth’s asset allocation portfolios

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State Street Global Advisors has been appointed as a portfolio strategist firm by Genworth Financial Wealth Management to manage a series of six tactical asset allocation portfolios usi

State Street Global Advisors has been appointed as a portfolio strategist firm by Genworth Financial Wealth Management to manage a series of six tactical asset allocation portfolios using State Street’s SPDR exchange traded funds.

The portfolios, which reflect a range of risk profiles, are made available to high net worth clients via Genworth Financial Wealth Management’s independent financial adviser distribution channel.

“We are delighted to bring SSgA’s sophisticated institutional investment management skill to the retail market through an offering that combines their strengths in asset allocation and ETFs,” says Michael Abelson, senior vice president product management at Genworth Financial Wealth Management (pictured). “The addition of State Street Global Advisors as a Genworth portfolio strategist will further enhance our investment management platform.”

SSgA’s Global Asset Allocation team manages more than USD170bn (as of 31 December 2008) in total assets. State Street is one of the largest ETF providers in the US with more than USD159bn ETF assets under management.

“Genworth Financial Wealth Management’s selection of State Street Global Advisors reinforces the growing popularity of tactical asset allocation models powered by SPDR ETFs,” says Michael Dalis, managing director at State Street Global Advisors. “This appointment is a great example of how leading financial services companies are leveraging our wide ranging investment product and service expertise to meet their clients’ needs.”

Genworth Financial is a wealth management firm with more than USD100bn in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers.

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