People's United Bank, a regional bank based in the Northeast US, has selected Smartleaf's overlay technology for its unified managed account offering within its wealth management business.

The bank will provide access to third-party models, portfolio customization and tax management, while its portfolio managers retain control of their clients' assets. The technology will also allow the managers to spend more time with clients, said Louise Sandberg, executive vice president, wealth management, at People's United.

The bank has branches throughout Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine.

“Today, the primary drivers [of adopting overlay technology] are the desire to increase efficiency, consistency and customization. Being open architecture is less a differentiator and more the new normal,” Jerry Michael, president of Smartleaf, told Family Wealth Report in a recent interview (view here). The firm now has over $50 billion assets on its platform, compared to around $35 billion just over a year ago.