Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

ProManage to Offer Automated 401(k) Allocation

ProManage, an investment firm that specializes in defined contribution plans, has developed an automated investment allocation product for plan sponsors, with whom ProManage will share the fiduciary responsibility for making the allocations.

ProManage will decide a participant's asset allocation when the account is opened and annually reallocate the participant's assets through a proprietary computer model. The model looks at three variables: the investor's age, salary and 401(k) balance.

"Motivated investors who read materials and attend meetings" are few and far between, said Carl Londe, CEO of ProManage.