Banneker Capital Teams with BenefitStreet to Launch ETF Advantage 401k Platform.OWINGS MILLS, Md. -- Banneker Capital Management Corp., a minority-owned registered investment advisory firm specializing in Small Cap Growth Equity portfolio management has teamed up with industry leader BenefitStreet to launch one of the nation's first bundled, all-ETF, managed 401(k) platforms. The first offering as part of the Banneker 401 (k) Advisor Series, the Banneker ETF ETF See Exchange Traded Fund. ETF See exchange-traded fund (ETF). Advantage 401(k) Portfolios offer Plan Sponsors the opportunity to select Lifestyle and Lifecycle programs for their retirement plan offerings. Banneker Capital will provide all of the investment management services as part of this platform while BenefitStreet, one of the nation's leading retirement plan record-keepers and administrators will provide all of the back office and technology support functions. Banneker's Kellie Thomas, Co-President stated, "We are excited that Banneker Capital, the first minority-owned firm to introduce a soup-to-nuts managed 401k, is able to bring this product to market. We are thrilled to have a great partner in BenefitStreet to help make this product one of the most unique, convenient and cost effective managed offerings available." "The ETF Advantage 401(k) was crafted with the plan sponsor and the participants in mind. ETFs are extremely diverse, cost-effective and transparent securities. We modeled our product after these characteristics. Employers who select our product will reap these benefits along with the added simplicity of risk-based Lifestyle and age-based Lifecycle programs. It doesn't end there; participants can feel comfort in knowing that we are managing their accounts to change with their lifestyle." BenefitStreet's Ken Weida, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul commented, "Our partners have been asking for ETF's even before the Mutual Fund Scandal hit in late 2003. Development has continued over the Fall and we are excited to launch our platform during this busy selling season with one of the industry's cutting-edge investment firms." Advisors continue to make changes in the wake of the 2003 Mutual Fund Scandal. A recent study by Bloomberg found that 29.5% of Advisors who are making changes are increasing their use of Index Funds and Exchange Traded Funds Exchange Traded Funds (ETF) Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. . "The stumbling block stum·bling block n. An obstacle or impediment. stumbling block Noun any obstacle that prevents something from taking place or progressing Noun 1. to offering ETF's has always been the perceived high trading costs Trading costs Costs of buying and selling marketable securities and borrowing. Trading costs include commissions, slippage, and the bid/ask spread. See: Transactions costs. ," added Weida. "The BenefitStreet Omnibus 401k technology allows for a cost effective solution no matter what the size." "McHenry Consulting released a study earlier this year that validates the interest in ETFs," added Weida. "ETF's ranked the highest among alternative investments a TPA (Transient Program Area) See transient area. TPA - Transient Program Area would consider to replace mutual funds." About Banneker Capital Management Corp. Banneker Capital Management Corp. is a minority-owned registered investment advisory firm headquartered in Owings Mills, Maryland Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall. . The Firm offers active money management for pension funds, endowments, foundations, corporations, and individuals. The Firm's research-driven investment process is a modified GARP (General Attributes Registration Protocol) A standard for registering a client station into a multicast domain. See 802.1p. GARP - A graphical language for concurrent programming. ["Visual Concurrent Programmint in GARP", S.K. (Growth at a Reasonable Price) strategy utilizing a proprietary scoring and ranking system known as the Banneker Quad Score, or BQS BQS - Berkeley Quality Software (TM), for sector and stock selection. For more information about Banneker Capital, please visit www.bannekercapital.com. About BenefitStreet BenefitStreet is a qualified plan record keeper, specializing in uniting TPAs, Advisors and Plan Sponsors. BenefitStreet's omnibus 401(k) technology provides investment professionals and TPAs with a streamlined retirement plan administration process that includes prospecting, conversion, enrollment, reporting and trading. Acting as the communication bridge between all essential partners, BenefitStreet seamlessly integrates all sizes and types of qualified plans. For more information about BenefitStreet, please visit: www.benefitstreet.com. BenefitStreet, Inc., founded in 1993, is a record-keeper/third party administrator offering qualified plan administration and for defined contribution plans Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan of all sizes. The firm utilizes an array of strategic business alliances in conjunction with sophisticated omnibus 401(k) technology to provide comprehensive financial services to over 3,000 investment professionals, TPAs, financial institutions, broker/dealers and certified public accountants Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. throughout the United States and Puerto Rico. |
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