Regional broker Stifel, Nicolaus & Company is adding tax-optimization to the managed account capabilities for its 450 investment advisors. The Boston-based broker will use Placemark Investments' TOTAL Overlay Portfolio Management Services to run the platform. The firms expect to roll out the desktop application and the new custom, multi-style portfolios by early summer 2003.

Stifel will use the Placemark service to add a tax-optimized, multi-style account product using its existing separate account infrastructure and roster of money managers. The firm builds its product using both mutual funds and ETFs. Stifel will also keep its existing custodial and trading relationships, accounting systems, and client servicing infrastructure.

"Placemark allows us to leverage our existing infrastructure to provide our Investment Executives with next-generation products that allow them to focus on building their fee-based business," stated Scott McCuaig, president and co-chief operating officer at Stifel Nicolaus.

Placemark will also supply Stifel advisors with a customized and private-labeled version of the TOTAL Desktop application for developing proposals, setting up new accounts, viewing performance reports and money manager data, and maintaining existing client accounts. 

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