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Rating:A $60B Sub-Advisor Broadens its Retail Platform Access Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 08, 2014

A $60B Sub-Advisor Broadens its Retail Platform Access

Reported by Tommy Fernandez

If you've never heard of Ken Mungan, or his practice, you really should get to know him, and soon.

Mungan is the leader and founder of Milliman Financial Risk Management, which is part of the U.S. actuarial giant Milliman. Mungan's practice, which he launched for the parent in 1998, sub advises roughly $60 billion in assets in about 50 mutual funds, for a variety of insurers and 401(k) clients.

The firm also markets five of its own mutual fund products, marketed under the Even Keel brand, including the flagship Even Keel Managed Risk Fund.

Mungan and his colleagues are working to expand retail awareness of these funds, and part of this process includes expanding their coverage on the fund platforms.

"Our strategies have been very successful protecting large institutions from financial turbulence, but we saw a tremendous need in the market for bringing these risk management capabilities to the individual," Mungan told MFWire.

Mungan said that the Managed Risk Fund had until now been sold exclusively on the Wells Fargo platform. He and his colleagues are working to start offering this fund on other platforms as soon as this month.

Meanwhile, Mungan said the other four funds are currently on Schwab, TD Ameritrade, Vanguard, Matrix and Envestnet, among other smaller platform. His team is in talks with Wells to get these funds on that platform as well.

The firm currently has six sales people, with Matt Zimmerman serving as distribution director for fund advisory services.

The firm, which now has 110 employees, uses what is branded as the Milliman Managed Risk Strategy. The strategy consists of two processes: one that focuses on managing volatility while the other focuses on capital preservation. In short, in the volatility management component, Milliman PMs constantly monitor market activity, adjusting portfolios (primarily consisting of equities or ETFs) when various predetermined volatility scores are reached. The capital preservation element, meanwhile, consists of daily-adjusted baskets of futures contracts.

Even though Milliman already sub advises roughly 50 funds, Mungan said his firm is "definitely open" to more of these arrangements. 

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