OppenheimerFunds launched a product that will allow financial advisors to aggregate a portfolio of multiple funds offered through the Oppenheimer family and funds offered through four sub-advisors, the company announced today.
The program, called Portfolio Builder, is designed to offer many of the same features as a wrap fee program. The program will offer asset allocation, automatic portfolio rebalancing and consolidated statements, said Steve Dombrower, V.P. and manager of OppenheimerFunds, in a statement.
Participation in the program requires a minimum investment of $25,000, which must be invested across a minimum of four funds. In addition to Oppenheimer funds, funds sub-advised by Jennison Associates, Solomon Brothers Asset Management and Gartmore will be included in the program.
The product was developed in response to advisors' requests for a product that would allow them to efficiently service clients with small account balances between $25,000 to $35,000 while also offering a level of customization, a company representative said.