What is a UMA?
A Unified Managed Account is a professionally managed "umbrella" account designed to provide more customization, proactive tax and cost management, and simplified reporting for investors.

A UMA can include an overlay portfolio along with a wide variety of investments.

The C-PAS Unified Management Account (UMA)
The C-PAS UMA combines the inherent advantages of the UMA platform approach with the expertise, objectivity and responsiveness offered by the Investment Research Department (IRD). The C-PAS UMA allows you to have one account that contains various investment strategies previously accessible only as "separate accounts." Instead of directly managing each separate account, money managers on a UMA platform give their models to an "overlay manager" who then considers the unique characteristics of your portfolio before making trades. This format allows you exposure to diverse management styles within a single account.

The C-PAS UMA goes one step further by allowing you and your advisor to customize investment strategies by choosing from a wide selection of money managers and exchange-traded funds. You can either construct your own investment allocation or choose from a broad array of asset allocation models provided on the platform.

The C-PAS UMA uses technology to simplify paperwork, regularly rebalance portfolios, monitor risk and employ tax efficient techniques.

The C-PAS UMA relies on the Investment Research Department for model allocations and manager due diligence. The IRD uses a proprietary scoring system to select which managers are included in the models it provides. The goal of the IRD is to provide clients with a diverse menu of high quality asset allocation models and investment strategies.



Mutual Funds, Separately Managed Accounts and Exchange Traded Funds

Investors have a number of options to choose from when determining how to invest their money. Mutual funds, separately managed accounts (SMAs) and exchange traded funds (ETFs) are some of the more frequently used investment vehicles. C-PAS is capable of supporting all three*. While the platform can support all three vehicles, it was specifically designed to support separately managed accounts and exchange traded funds.

Separately managed accounts and exchange traded funds are structured in a way that allows investors to get a clearer picture of the costs associated with their investments. Providing the same level of cost transparency is something that the mutual fund industry has struggled to achieve. One of the goals of C-PAS is to be 100% cost transparent to its clients. This requires the platform to primarily leverage separately managed accounts and exchange traded funds.

Additional information on the costs of mutual funds can be found at http://www.personalfund.com/.

*Mutual funds are available to select investors.

Parametric

C-PAS has partnered with Parametric to create a Unified Managed Account platform. Parametric was founded in 1987 and is based in Seattle, WA. The company holds itself out as a leader in structured portfolio management. The firm takes a scientific approach to investment management that emphasizes quantitative analysis and seeks to minimize the impact that emotions have on investment decisions. Parametric takes this approaches to investment management due to its beliefs that most capital markets are highly efficient, risk management is important and costs (especially taxes) should be accounted for in portfolio management.

At its core, Parametric is a technology company that serves the investment management industry. The company's team of Chartered Financial Analyst (CFA) charterholders and PHDs created a proprietary technology platform that allows the firm to efficiently manage a large number of portfolios. Moreover, the platform enables the company to implement its proactive tax management strategies through its OverlayOne program, a program that many believe is quickly becoming the gold standard in the UMA arena.

Please visit http://www.parametricportfolio.com/default.htm for more information on Parametric and http://www.parametricportfolio.com/overlay_management/default.htm for more information on the company's OverlayOne program.