Citco-Quaker Fund Services, the fledgling U.S. mutual fund administrator in Valley Forge, Pa., is adding asset management to its repertoire of mutual fund services. Right now the firm provides back-office services such as fund custody, accounting and transfer agency.

The firm has created Citco-Quaker Fund Advisors, a new investment advisory division established to initially become the manager of The Penn Street Fund, a series of five separate fund portfolios with $7 million in collective assets. But Citco-Quaker is keeping the new advisory unit's momentum going. The company confirmed that it is in talks to provide similar advisory services for several other fund groups through the unit.

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