Northern Trust's three new open architecture, multi-manager mutual funds are the first in a series aimed at helping wealthy investors better allocate their assets with smaller investment managers.

The funds give investors access to portfolios of external investment managers previously available primarily to institutional investors. The portfolios feature a manager-of-managers approach in which the Chicago company's Northern Trust Global Advisors investment advisor division allocates assets to external sub-advisors. Called the Northern Multi-Manager Equity Funds, the offerings focus on small-cap, mid-cap, and international sectors.

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