Yet another broker-dealer is trimming its mutual fund shelves, in this case by 50 percent.

Voya Financial Advisors (VFA) is streamlining its mutual fund platform, VFA president Tom Halloran confirms. The independent B-D has about 2,100 FAs working with $48 billion in assets.

"We are in the process of streamlining our product shelf to provide funds that best meet the needs and goals of our clients," Halloran tells MFWire in an emailed statement. "We eventually plan to reduce our offerings to roughly half of what is currently available on our Wealth Solutions [emphasis added] platform."

As for how many mutual funds and fund firms will be affected, the timing of the transition, and more, Halloran did not share any specifics. He confirmed that funds will be evaluated "against a number of key metrics including performance, costs and their popularity in the market."

News of VFA's streamlining plans comes about six months after Scott Stevens joined VFA as senior vice president of third-party funds management after leaving Fidelity FundsNetwork (which is going through its own fund lineup rationalization process).

Stevens did not return a call for comment on VFA's streamlining plans. 

Edited by: Neil Anderson, Managing Editor


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