Netfolio, the second company to offer so-called stock baskets, which allow investors to choose and manage their own groupings of stocks, will shut down that service this week, according to published reports.
Reuters and The New York Times reported that the New York-based company failed to garner funding for the business and now seeks to sell the company. Netfolio made it possible for investors to choose their own groupings of stocks and manage their portfolios via the Web, similar to the way portfolio managers oversee mutual funds.
The Web site is expected to cease operations Friday.
Netfolio began offering the service a year ago. Foliofn, of Vienna, Va., was the first to do so.