New Company Is On Leading Edge of Rapidly Growing Market
RICHMOND, Va., Sept. 28 /PRNewswire-FirstCall/ -- Genworth Financial
(NYSE: GNW - ) today announced several key enhancements to the wealth management
offerings of its private asset management business. Industry consultants
familiar with Genworth's growing retirement income and investments offerings
say these enhancements firmly meet the growing needs of affluent investors,
and the advisors who service them.
The upgrades, rolled out by Genworth's private asset management business,
are focused on two main investment services: Privately Managed Portfolios
(PMP) and GE Multiple Strategy Portfolios (GEMS). The improvements have been
designed to accelerate growth and make the company's offerings more robust for
financial advisor clients on three levels:
- Highest Conviction Stock Selection. A new proprietary overlay
structure allows access to a larger pool of investment management
organizations, each of which provides a short list of stocks in which
they have the highest level of conviction.
- Wider Customer Access. Innovative overlay manager relationships lower
individual investment manager account minimums, allowing investors to
realize significantly enhanced diversification and hold additional asset
classes such as commodities.
- Active Asset Allocation. Through these enhancements, the company can
more effectively adjust the asset mix of each client's portfolio to
better respond to the changing stock and bond markets.
Industry consultants have reviewed these enhancements and agree that
Genworth has clearly listened to its clients and responded in a strong way.
According to Geof Bobroff, President of Bobroff Consulting, Inc., "Having seen
their offerings, I believe the recent enhancements clearly respond to a market
need."
Founded in 1985 and acquired by Genworth Financial in 2001, the company's
private asset management business (GEPAM) provides customized investment
management products and services to approximately 15,000 affluent investors
nationwide through 1,300 independent advisors. Guided by a philosophy of
equity "participation with protection," it pioneered the use of a
professionally managed put option strategy for individuals, called Actively
Managed Protection, to help limit portfolio downside during severe equity
market declines.
"We're proud of the record of innovation and growth GEPAM has been able to
achieve," said Pam Schutz, president and chief executive officer of Genworth's
Retirement Income & Investments segment. "This high quality team has designed
an affluent investor offering without peer in the industry."
Added Gurinder Ahluwalia, president of Private Asset Management: "This is
another important step for us. As Baby Boomers retire in record numbers and
the focus moves beyond growing assets to preserving and protecting them in
retirement, we see the market for income distribution, as well as the
investment expertise and advisor services we provide, continuing to grow."
Genworth Financial is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, with operations in 20 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information, visit http://www.genworth.com.
