With new improvements to its web based portfolio management and performance reporting platform, InvestEdge enables advisors to properly classify separately managed accounts and unified managed accounts in line with the target asset allocation of clients.

An SMA or UMA sleeve can now be unitised and reported as a single security relative to the entire client relationship, so manager objectives can be accurately monitored, measured and reported on without regard to the classification of constituent assets.

"Advisors select top managers based on their specific investment styles, and the role of the styles in meeting client objectives," said Jeff Cowley, vice president of InvestEdge.

"But advisors often struggle to accurately measure effectiveness when a portfolio contains assets outside of the manager's prescribed intent. For example, a large cap manager may include mid cap assets and cash in a client's account,” he said.

InvestEdge also recently created updates that impact internally managed accounts. These enhancements include the ability to create, maintain and report performance for composite portfolios, workflow tools for organising investment and administrative reviews, and customizable asset classification features that allow advisors to categorize assets at highly specific levels.

"Many of our clients leverage a mix of internal and external managers. Almost all that are not presently using overlay managers have it under consideration," Mr Cowley said.

InvestEdge provides wealth management solutions to large banks, trust companies, brokerage firms, and financial advisors. InvestEdge automates front office functions including portfolio management, performance measurement, client reporting, compliance monitoring, trade automation and relationship management.