Chicago - based investment management and advisory firm Morningstar has caused a stir by filing with the Securities and Exchange Commission to launch new mutual funds for its managed funds that are purely for financial advisers . Morningstar said the new sub - advised in - house funds would improve efficiency and simplicity for clients , and reduce investor fees by about 20 % . Replacing outside mutual funds with subadvised in-house funds is expected to result in a 20% net reduction in investor fees, according to the filing. Todd Rosenbluth , director of mutual fund and ETF research at analysts CFRA , warned Morningstar it could be storing up conflicts of interest for the future . The funds , if approved , could launch any time from October .
Chicago - based investment management and advisory firm Morningstar has caused a stir by filing with the Securities and Exchange Commission to launch new mutual funds for its managed funds that are purely for financial advisers . Morningstar said the new sub - advised in - house funds would improve efficiency and simplicity for clients , and reduce investor fees by about 20 % . Todd Rosenbluth , director of mutual fund and ETF research at analysts CFRA , warned Morningstar it could be storing up conflicts of interest for the future . The funds , if approved , could launch any time from October .