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The Journal of Wealth Management

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Primary Article

Overlay Portfolio Management in a Multi-Manager Account

David M. Stein and Greg McIntire
The Journal of Wealth Management Spring 2003, 5 (4) 57-71; DOI: https://doi.org/10.3905/jwm.2003.320465
David M. Stein
A member of the Board of Advisors of and is chief investment officer of Parametric Portfolio Associates in Seattle, WA.
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  • For correspondence: dstein@paraport.com
Greg McIntire
A senior investment analyst with SEI Investments in Oaks, PA.
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  • For correspondence: gmcintire@seic.com
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Abstract

New portfolio structures are changing the rules of the investment game. Multi-Manager Separate Accounts combine the separate skills of a number of managers in a single account, providing benefits to the investor, the plan sponsor, and the manager. An effective multi-manager account requires what the investment industry is beginning to refer to as Overlay Portfolio Management. We describe the role of the overlay portfolio manager and simulate the value he may add through tax management. We show that an overlay manager is often able to add 0.30% to 0.60% or more each year in net after-tax return. The value we identify creates a compelling proposition for the separate account product industry, especially since significant additional non-quantified benefits also accrue.

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The Journal of Wealth Management
Vol. 5, Issue 4
Spring 2003
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Overlay Portfolio Management in a Multi-Manager Account
David M. Stein, Greg McIntire
The Journal of Wealth Management Jan 2003, 5 (4) 57-71; DOI: 10.3905/jwm.2003.320465

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Overlay Portfolio Management in a Multi-Manager Account
David M. Stein, Greg McIntire
The Journal of Wealth Management Jan 2003, 5 (4) 57-71; DOI: 10.3905/jwm.2003.320465
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