ALPS Fund Services, which for years has been providing back-office support to mutual funds and exchange-traded funds, is throwing its hat into the advisory ring, InvestmentNews reports. In April, ALPS rolled out five asset allocation portfolios made up of ETFs. The portfolios, subadvised by Ibbotson Associates, are geared towards insurance companies for use in their variable-insurance products. Denver-based ALPS is also set to build a product registered under the Investment Company Act of 1940 that enables the firm to invest in listed private equity. Corey Dillon, director of ALPS' institutional advisory services declined to provide further details regarding the product, but said the offering is not likely to create a conflict between ALPS and its clients.  

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