Morningstar will launch Managed Portfolios, a portfolio-management service geared to financial advisors, during the fourth quarter of this year, the company announced today. The program will be offered by Morningstar Investment Services, a registered investment advisor the company has established specifically to operate the new program.

Initially, the program will offer portfolios of mutual funds researched and monitored by Morningstar. The company will select funds, with input from financial intermediaries, based on a number of defined portfolio characteristics, including tax and risk sensitivity and timetables. Next year, the company plans to add separate accounts managed by leading investment management firms so that portfolios can be created with both mutual funds and separate accounts, according to the company.

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