Because of General Motors Asset Management's intention to pursue outside clients, its name was changed to Promark Global Advisors in March 2009. But effective Sept. 1, this will be reversed and the name of the money management unit will revert to GM Asset Management.
Spokeswoman Noreen Pratscher said that Promark executives have made a strategic decision to exit the pension plan management and outsourcing business it currently provides to non-affiliated clients.
Pratscher said that its previous name, which is already established in the industry, best fits its identity and focus.
Industry sources say that the decision to exit the outsourcing business was arrived at after the parent company denied requests from Promark's management team, which was led by then-CEO Nancy Everett, to permit a buyout of the money management unit as the best method of giving better incentives for the team to build the business.
Last June, Everett departed from the company, with Walter Borst taking on the CEO position after he left his job as General Motors Co. treasurer.
Pratscher didn't provide specific details on the amount of external client money Promark gets, or what percentage of that amount originates from total pension outsourcing clients as opposed to clients asking the firm to handle specific strategies.