What do you get when you combine managed accounts with exchange-traded funds? Active Managed ETF Portfolios, or MEPs, according to IXIS Asset Management Advisors.

The money manager's recently acquired Active Investment Advisors unit will help develop a new breed of SMAs made up of the popular, low-cost funds. IXIS's Managed Portfolio Advisors will serve as the overlay manager for the MEPs.

The MEP lineup includes four risk-based portfolios and two income-focused portfolios.

"We see these portfolios as fitting into a variety of applications … we believe institutions, 401(k) plan sponsors in particular, will find that MEPs can help better meet their fiduciary responsibilities in managing risk and controlling investment costs," said John Hailer, chief executive officer of IXIS Asset Management Advisors, in a statement.

IXIS will only sell the MEPs through financial advisors. The minimum investment for the products is $50,000.

Spokesman Peter Joyce did not immediately return a call seeking comment.  

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