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SEATTLE--Bennington Capital Management has launched an asset management service using no-load funds managed by institutional money managers, geared toward financial advisers.
The service is similar to Frank Russell Co.'s Russell Advisors. which provides affiliated registered investment advisers with access to no-load mutual funds managed by firms selected by the company.
It is probably not coincidental that Bennington Capital Management was started by Tony Whatley, a former director of Frank Russell's investment businesses. His plan is to create and franchise a distribution network for Bennington Capital's family of no load funds, which compensate portfolio managers based on performance.
The game plan for the start-up business is to have the funds sold by small or newly formed affiliates so as to tap into the local markets all over the country, said Whatley, president. He ultimately wants to buy and...