Every strategy.
One unified managed account.
Manage all of your custom direct indexes, house models, and outside managers as sleeves in a single custodial account and put your team in full control.
Onboard in as little as 1 week
Most UMAs put a manager between you and your client's account.
Third-party managers add their own fees and investment styles while your team still has to reconcile the details.
Someone else holds discretion, and charges for it.
Sleeves trade one at a time, so wash sales and needless gains slip through.
Your team still reconciles cash, dividends, and manager changes by hand.
Alphathena lets you manage every individual sleeve in just one account.
Each sleeve keeps its own targets, rules, and cash underneath. One optimization engine brings them all together. Athena AI does the work and your team approves every decision made.
See How It Works
Sleeve-level control, one account.
Any strategy can be a sleeve.
Direct indexes, house models, ETFs, fixed income, and outside managers. Build the allocation once as a template and apply it across your advisory practice.
Rebalance, harvest, and net across the whole account.
Choose which sleeves trade and freeze the rest. Netting, household wash sale checks, and one gain budget still cover every sleeve.
Bring your outside managers, either way.
If they trade it, it stays an unmanaged sleeve, held and reported. If they send a model, it runs with your tax overlay, and every change is flagged before anything trades.
Move lots and cash without a trade.
Athena AI assigns new lots to the right sleeve. Moving lots or cash between sleeves is a ledger entry, with no sale, no realized gain, and no custodian ticket.
Every sleeve accounts for itself.
Show clients return by sleeve and bill by sleeve type, with a direct indexing rate and unmanaged outside SMAs excluded.
$650M+ managed across sleeves, asset classes, and outside managers
Learn how ICR Partners runs direct indexes, house models, fixed income, and includes a third-party SMA all in the same account.
Read the ICR Partners case study
Still Have Questions?
If you don't see your question here, our team answers every demo inquiry directly.
Request a demoWhat UMA buyers ask first.
Is this a sleeved UMA or a holistic one?
Both. Each sleeve keeps its own strategy, rules, cash and performance, so you can report by sleeve and bill by sleeve type. Underneath, the account is optimized as one portfolio, so tax, cash and wash sales are decided once for the whole account.
Can I keep my own models?
Yes. Load a proprietary model as a sleeve and Alphathena runs tax overlay on it. The strategy stays yours.
What happens to a third-party SMA?
If the manager trades it, it becomes an unmanaged sleeve: held, valued and reported, counted in the account's weights, with no order ever prepared for it. If the manager delivers a model instead, you run it as a model sleeve with tax overlay, and changes to the model are flagged before anything trades.
How are wash sales handled across sleeves and accounts?
One engine checks the 31-day window across every sleeve and every account in the household, including orders still in flight, before any harvest, rebalance, transition or withdrawal.
Does each sleeve have its own cash?
Yes. Each sleeve carries its own cash and can have its own minimum cash balance. Cash moves between sleeves in the same account without a trade.
Can I move a client from one model to another without selling?
Yes. Lots move between sleeves as ledger entries. Where the target holds the same securities, nothing is sold and no gain is realized. Where it does not, the transition engine plans the rest against a gain budget.
Can I bill a direct index sleeve differently from the rest?
Yes. Billing supports a direct indexing rate on direct index sleeves and a residual rate on everything else, and can leave unmanaged outside-SMA sleeves out.
What reporting exists per sleeve?
A per-sleeve performance report, plus sleeve-level holdings, cash and AUM history in the app and through the API.
Which custodians?
Alphathena connects to all major custodians, including Schwab, Fidelity, Interactive Brokers and Raymond James, to the accounting systems banks and trust companies run, and to trading partners such as TD Cowen and Clear Street, with trade files for the other custodians and trading platforms you already use. Banks and trust companies keep their omnibus block-and-allocate flow.
Does anything trade without my approval?
No. The platform prepares the trades at scale and stages them in one queue. Your team holds final approval and releases them in one step.
Your clients need more than one strategy. Alphathena equips you to manage them as one.
Bring every strategy that your firm runs for clients together and create a comprehensive unified investment experience.