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Rating:Morgan Stanley Closes a Fund Platform to New Investors Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, September 15, 2014

Morgan Stanley Closes a Fund Platform to New Investors

News summary by MFWire's editors

Sorry riders, this TRAK is closed.

Reuters reports that Morgan Stanley is phasing out the TRAK Fund Solution managed fund program.

The firm closed off the program to new investors on July 1st, according to Reuters scribe Jed Horowitz. Horowitz quotes James Tracy, head of Morgan Stanley's Consulting Group Wealth Advisory Solutions, as saying that although existing customers are allowed to stay on, roughly 40 percent of their assets have been moved. The firm had started encouraging the program's 17,000-plus brokers to ease off in May.

The TRAK program was launched in 1994 by Smith Barney, which Morgan Stanley purchased in full last year, according to Horowitz.

According to Morgan Stanley's description of the program, TRAK "is an investment advisory service offered exclusively through Morgan Stanley Smith Barney’s Consulting Group. The TRAK NAV program provides a wide range of mutual funds to investors, with research support from the Investment Advisor Research team and asset allocation advice from the firm’s Global Investment Committee."

Horowitz at Reuters cites Cerulli Associates data showing that the firm had $34.7 billion in assets as of June 30. 

Edited by: Tommy Fernandez


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