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 .
Chicago-based investment management and advice firm Morningstar has caused a stir by filing with the Securities and Exchange Commission to launch nine mutual funds for its managed portfolios that are purely for financial advisers. Morningstar said the new sub-advised in-house funds would improve flexibility 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.