GE Private Asset Management Experiences Record Interest in New GE Multiple Strategy Portfolios Program SHERMAN OAKS, Calif.--(BUSINESS WIRE)--June 3, 2003-- Lower Minimum MDA Product Is Well Received By Advisors and Their Clients; GEPAM On The Cutting Edge of a Rapidly Evolving Industry The GE Multiple Strategy Portfolios, GE Private Asset Management's new separately managed account program, has had great success in the very brief period since its launch.
Since it was first introduced to GEPAM's investment professional clients in March of this year, the program has generated more than one thousand proposal requests from GEPAM clients representing 78% of the firm's overall proposal requests since the product's inception. This already represents the most successful product launch for GEPAM since its founding in 1985 and is reflective of a broad evolution of the separately managed account industry towards greater access to superior product solutions for the emerging affluent.
Technological advancements in the industry have allowed separately managed account providers to introduce new Multiple Disciplinary Account, or MDA, products which offer benefits previously available only to high net worth investors for a much more accessible minimum initial investment.
GE Multiple Strategy Portfolios takes the core strengths of GEPAM -- management expertise and fiduciary oversight of such tasks as world-class investment manager selection, long-term asset allocation guidance and risk management skill -- and makes them accessible to a wider universe of investors, especially those looking to bridge the gap between mutual fund and traditional separate account investing.
Through this new program, clients construct a customized portfolio by choosing two components -- equity style and risk management. Portfolios have been designed along four potential equity styles -- High Dividend, Blended, Diversified and Global -- and features the top security selection ideas of each manager within the allocation mix.
Once the client's equity portfolio is selected and risk tolerance identified, GEPAM will implement a risk management strategy in line with the client's goals. The program offers significant value for clients and, with its $50,000 minimum account size, is accessible to a much broader spectrum.
Bethann Roberts, Chairperson & CEO, is pleased, yet not surprised, with the success of the new product. According to Roberts, I think our success really underscores the direction in which the industry is headed. Research gathered from the general market and from our investment professional network pointed to an underserved segment in this industry. Many of these investment professionals have only been able to put a portion of their clients' assets into separately managed accounts. Now, those investors ready to take the next step in their investment portfolios, i.e., to separately managed accounts, have a solution and we feel we are uniquely qualified to deliver it.
About GE Private Asset Management
GEPAM is a west coast-based asset management company, established in 1985, and acquired by GE Financial in 2001. GEPAM offers investors fee-based managed account solutions, distributed by Investment Professionals nationwide, designed to meet the challenges of nearly every market environment. Focused on an investment philosophy of Participation and Protection and providing management expertise and fiduciary oversight of key investment management activities for client portfolios and programs, GEPAM has grown to almost $2 billion in assets under management as of March 2003.
GEPAM provides investment professionals and investors with outstanding investment solutions designed to help create, preserve and protect their lifestyles through all market environments.
GEPAM is part of GE Financial, an integrated family of consumer insurance and investment companies. Its products are marketed through multiple distribution channels, and they include life insurance, fixed and variable annuities, mutual funds, retirement investment solutions, long-term care coverage, supplemental accident and health benefits, auto coverage, and lifestyle enhancement products. Headquartered in Richmond, Virginia, GE Financial operates in 17 countries and has more than $126 billion of assets under management as of March 2003. For more information, visit http://www.gefinancialassurance.com.
For more information on the GE Multiple Strategy Portfolios, contact GE Private Asset Management at (800) 845-2958 or visit us at http://www.geprivateassetmanagement.com.
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CONTACT: GE Financial
Tim Benedict, 203/229-5206
or
Bronkesh Associates
Annette Bronkesh, 973/778-8648
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340