Strong Funds has introduced a small-scale version of a mutual fund supermarket.
The service, called Prime Managers, provides no-load funds from nine investment managers on a no-transaction-fee basis.
The fund managers participating in the program are the Marsico Funds, Acorn Funds, Fasciano Funds, Ariel Funds, Oakmark Funds, Baron Funds, Rainier Funds, and Warburg Pincus Funds, as well as Strong. Strong says the boutique approach is aimed at providing a limited number of well-regarded funds with proven managers rather than offering thousands of funds, as some fund supermarkets do.
The objective is to allow investors to cut through the clutter involved in choosing among the more than 7,000 mutual funds that are available.
The program will feature a monthly consolidated statement as well as a Visa Gold debit card and checkwriting privileges. The minimum investment for Prime Managers is $5,000.