TY - JOUR T1 - Overlay Portfolio Management in a Multi-Manager Account JF - The Journal of Wealth Management SP - 57 LP - 71 DO - 10.3905/jwm.2003.320465 VL - 5 IS - 4 AU - David M. Stein AU - Greg McIntire Y1 - 2003/01/31 UR - https://pm-research.com/content/5/4/57.abstract N2 - New portfolio structures are changing the rules of the investment game. Multi-Manager Separate Accounts combine the separate skills of a number of managers in a single account, providing benefits to the investor, the plan sponsor, and the manager. An effective multi-manager account requires what the investment industry is beginning to refer to as Overlay Portfolio Management. We describe the role of the overlay portfolio manager and simulate the value he may add through tax management. We show that an overlay manager is often able to add 0.30% to 0.60% or more each year in net after-tax return. The value we identify creates a compelling proposition for the separate account product industry, especially since significant additional non-quantified benefits also accrue. ER -