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Bank of Hawaii launches open architecture UMA offering

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Bank of Hawaii’s investment services group has launched an open architecture unified managed account offering that can integrate multiple products into a single account.

Bank of Hawaii is launching the offering with the help of Smartleaf and Prima Capital.

"This move is a considerable benefit for our investment clients, and is the final piece in our long-term transition to an ‘open architecture’ process," says Stephen Rodgers, Bank of Hawaii’s chief investment officer. "These enhancements will provide investment clients with a full range of outside managed products, including mutual funds, third-party manager models, and exchange-traded funds to complement internally managed products. While open architecture itself is not a new concept, the reason for our decision to make the transition at this time is the incorporation of new technology and enhancements in the industry that positions us well ahead of traditional open architecture providers."

Smartleaf, a provider of overlay management solutions, will provide Bank of Hawaii with a portfolio management system that enables multiple investment vehicles to be managed in one account while incorporating individual client preferences for taxes, risk tolerance, and liquidity.

Prima Capital, an independent provider of investment manager due diligence, will help support a manager selection process. Bank of Hawaii will have access to Prima’s proprietary research that provides analyst commentary, product profiles and tools to evaluate and monitor investment managers.

"These enhancements provide the best of both worlds: excellent outside money managers combined with Bank of Hawaii’s investment expertise and client service, resulting in flexible products that will be a real benefit to our clients," Rodgers says.

Bank of Hawaii’s investment services group is the largest provider of trust and asset management services in the state with 327 employees and USD6.6bn of assets under management.

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