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Article: ALPS Fund Services climbs another mountain; Back-office firm's move into advisory business seen as risky.(News)
- Article from:
- Investment News
- Article date:
- August 27, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David Hoffman
PHILADELPHIA - After years of looking after the back-office needs of its mutual fund and exchange traded fund clients, ALPS Fund Services Inc. is itself getting into the advisory business.
At first glance, it appears to be a risky move.
There is the potential that by entering the advisory business, Denver-based ALPS could endanger the relationships it has with clients for which it performs back-office functions, industry experts said.
Careful treading
But ALPS, which in April launched five asset allocation portfolios comprising ETFs for use by insurance companies in their variable-insurance products, is ...