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James Patrick joins Envestnet to head adviser managed programmes


Envestnet has appointed James Patrick, former co-head of US distribution for Allianz Global Investors, as managing director for its adviser managed programmes.

In this new position, Patrick will lead the company’s efforts to distribute and enhance Envestnet’s adviser directed offerings.

“Jim is a tremendous addition to the Envestnet team. He has a long history of presenting institutional-quality strategies to the advisor marketplace,” says Bill Crager (pictured), president of Envestnet. “His strengths and expertise in assessing the needs of the advisor will further establish Envestnet’s leadership position for delivering objective advice and top-quality service and support to the adviser community.”

There has been a surge in the growth of adviser managed programmes, including Unified Managed Accounts, Rep as Advisor and Rep as Portfolio Manager. As of Q2 2009, according to Cerulli, adviser managed programs represent more than 35 per cent of the USD1507.9bn in total managed assets.

Envestnet envisions further growth in the adviser managed account area, but with the addition of macro-economic and asset allocation guidance delivered by institutional asset allocation strategists.

“Overall, investor confidence in the financial services industry, in the markets and in their asset allocation beliefs are on shaky ground,” says Patrick. “Now is the time for advisers to reaffirm their value proposition and deliver solutions that put clients in a position to get back on track to reach their goals. I am excited to be working with Envestnet to deliver innovative solutions that will empower advisers to do this. Envestnet’s history of innovation and complete objectivity is inspiring. It’s an amazing group of people and platform to work with.”

Envestnet’s adviser managed programmes currently represent more than USD25bn of the company’s total platform assets. In the coming months, the company plans to engage with new partners and providers to establish a tier of new services, including discretionary and non-discretionary advisory programmes.

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