OppenheimerFunds launched a wraplike product that will allow financial advisors to aggregate a portfolio of funds offered through the Oppenheimer family and four sub-advisors, the company announced yesterday.

The program, called Portfolio Builder, is designed to offer many of the same features as a wrap fee program, but will be available to investors who have as little as $25,000 in investable assets. The program will offer asset allocation, automatic portfolio rebalancing and consolidated statements, said Steve Dombrower, V.P. and manager of OppenheimerFunds, in a statement.

Each portfolio must include 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 allows 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.

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