GM to drop Promark Global Advisors name used for asset management

Article by Christian A., on August 29, 2010

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.

Topics: gm, united states

If you liked the article, share on:

Comments

Recommended

In the automotive industry, most brands will do what they can to expand their offerings to be present in every potential niche there is. The goal is clearly to increase...
by - April 30, 2017
Just days after unveiling the refreshed 2018 Toyota Yaris hatchback to the North American public at the 2017 New York Auto Show, the Japanese company is now disclosing how much...
by - April 30, 2017
The next generation Volvo XC60 will be soon on its way to dealerships and customers as the Swedish carmaker has already commenced production of the mid-sized sports utility vehicle at...
by - April 30, 2017
In September 27, 2016, Porsche initially filed for a patent that is the “Unique Active Rear Diffuser”. And earlier this week, on April 27, 2017, the United States Patent and...
by - April 29, 2017
The Insurance Institute for Highway Safety (IIHS) has given its Top Safety Pick+ award to the redesigned version of the 2017 Kia Cadenza. This was a result of excellent a...
by - April 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries