Bank of Hawaii has said that its investment services group is now offering its clients a new, open architecture unified managed account (UMA) offering that can integrate multiple products into a single account. Bank of Hawaii partnered with Smartleaf and Prima Capital for this offering.
Smartleaf, a provider of overlay management solutions, will provide Bank of Hawaii with a portfolio management system that enables multiple investment vehicles (including individual securities, mutual funds, and ETFs) 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 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.
Stephen Rodgers, chief investment officer at Bank of Hawaii, said: “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. 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 (ETFs) 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.”