NEW YORK - OppenheimerFunds Inc. has launched Portfolio Builder, a software-based program designed to help investment advisers and stock brokers build wrap-fee accounts for their clients.
The program is an account management system that lets advisers build portfolios that invest in a minimum of four mutual funds. It is offered at no cost to the advisers.
Users can choose not only from Oppenheimer's mutual funds but also from funds subadvised by Mercury Advisors, Jennison Associates, Salomon Brothers Asset Management, and Gartmore Investment Ltd.
The minimum investment is $25,000. The product's start-up was June 28.