U.S. Bank, a subsidiary of U.S. Bancorp, will now provide a "unified overlay platform for its non-brokerage wealth management investment relationships," from Smartleaf, Inc., according to an announcement from Smartleaf on Monday.
These investment relationships are managed through U.S. Bank's "Private Client Reserve," and "Private Client Group[s]," which manage assets for clients with between $1 million and $25 million; and less than $1 million, respectively.
U.S. Bank, a subsidiary of U.S. Bancorp, and the "fifth largest commercial bank in the U.S.," has used Smartleaf's "overlay solutions" for its "non-brokerage Unified Managed Account (UMA) program since 2007," the release stated, and now uses the tool for "over 40,000 client portfolios."
"U.S. Bank has observed the efficiency benefits and client service improvements that overlay management delivers," Smartleaf's President, Jerry Michael (left), stated in the announcement. "Expanding this program will enable U.S. Bank to offer a highly differentiated service. It represents the logical next step in how banks and financial services companies can better manage their clients' wealth."
