The Daily Brief
Vestwell founder and CEO Aarom Schumm
Vestwell Founder and CEO Aaron Schumm

Vestwell Partners With Morningstar Investment Management

Vestwell had been looking for more asset management strategies for its platform.

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.

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