ALIGN UMA Select Portfolios Program Sample Clauses

ALIGN UMA Select Portfolios Program. If Client participates in the ALIGN UMA Select Portfolios Program, Client authorizes Baird and the Overlay Manager to manage Client’s Account with full discretionary authority according to the proprietary model asset allocation strategy developed by Baird (each such model, an “ALIGN UMA Select Portfolio”) that is selected by Client. The ALIGN UMA Select Portfolios Program offers model asset allocation portfolios that have different investment objectives and use different investment strategies. Each ALIGN UMA Select Portfolio provides for specific levels of investment across different asset classes, such as equity securities, fixed income securities, Non-Traditional Assets, Alternative Investment Products and cash. Each Portfolio generally uses mutual funds, ETPs, primarily ETFs, and SMA Strategies in order to implement the model asset allocation strategy. The amount allocated to an asset class or type of investment varies by Portfolio, and some Portfolios may have little or no allocation to one or more asset classes or types of investments described above. Client understands and agrees that: Baird constructs each ALIGN UMA Select Portfolio and adjusts the asset allocation of each ALIGN UMA Select Portfolio from time to time and that Baird also determines the mutual funds, ETPs, or SMA Strategies that are available in the ALIGN UMA Select Portfolios Program, including the percentage each investment comprises in each asset class within an ALIGN UMA Select Portfolio; Baird may remove mutual funds, ETPs, or SMA Strategies used in the ALIGN UMA Select Portfolios Program from time to time and replace them with other investment options; and Baird may make changes to an ALIGN UMA Select Portfolio from time to time as it deems appropriate and without providing prior notice to, or obtaining the consent of, Client. The ALIGN UMA Select Portfolios Program makes available: (1) certain mutual funds and ETPs that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process (“UMA Recommended Funds”), which may include Affiliated Funds, further described in the Baird Brochure; (2) certain BRM Strategies that Baird determines are eligible for the UMA Programs through an initial and ongoing evaluation process (“UMA Recommended SMA Strategies”), which may include Affiliated SMA Strategies; and (3) PWM-Managed Portfolios, all of which are further described in the Baird Brochure. Investment managers participating in the ALIGN UMA Select P...