Morningstar Investment Management LLC is making a series of multi-manager target date model portfolios available exclusively to Vestwell advisors, the result of an initiative combining the portfolios with 3(38) fiduciary lineup services, according to a company announcement. The active-passive blended models will be unbundled from revenue-sharing or referral fees.
Funds come from Lord Abbett, State Street, OppenheimerFunds, Cohen & Steers and Franklin Templeton Investments and are paired with Morningstar Investment Management's fiduciary support. Vestwell will facilitate the process, providing technological backing and acting as a single point of contact, according to the company. The wealthtech firm was interested in expanding the asset management strategies on the platform, Aaron Schumm, CEO and founder, said in a statement.
Vestwell has been busy of late, raising $30 million in a Series B funding round and entering a major partnership with Bank of New York Mellon late last year.