CHICAGO - Morningstar announced Tuesday that it will introduce a discretionary portfolio management service for financial advisers and intermediaries.

The Morningstar Managed Portfolios program will be a fee-based investment management program featuring mutual fund portfolios created by Morningstar Investment Services.

The program will be launched in the fourth quarter through financial planners, regional broker-dealers, bank-affiliated advisers, insurance agents, and certified public accountants, the company said.

The company said that next year it will add separate accounts managed by outside firms, allowing for portfolios with both mutual funds and separate accounts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.