Mitchell Hutchins Asset Management, a unit of PaineWebber Inc., has given up direct management of most of its mutual funds, outsourcing the managing of 19 out of its 25 portfolios.

The change effectively makes Mitchell Hutchins a boutique shop, said Brian Storms, its president and chief executive officer. The firm will now focus on three areas in which it excels, he said, short-term, fixed-income management; quantitative investment management (sticking to a model or index without using a portfolio manager); and municipal securities.

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.