Genworth picks State Street as manager

Genworth Financial Wealth Management Inc. of Pleasant Hill, Calif., today selected State Street Global Advisors of Boston to manage a series of six tactical-asset-allocation portfolios using State Street’s SPDR exchange traded funds. These portfolios, which reflect a range of risk profiles, will be made available to high-net-worth clients via Genworth’s independent-financial-adviser distribution channel. “We are delighted to bring SSgA’s sophisticated institutional investment management skill to the retail market through an offering that combines their strengths in asset allocation and ETFs,” Michael Abelson, a senior vice president in product management at Genworth, said in a statement “The addition of State Street Global Advisors as a Genworth portfolio strategist will further enhance our industry-leading investment management platform.”