Cutler

Portfolio management turnover has been minimal at the firm over the past five years. Stability on the personnel front boosts confidence in its staying power. Fees on open-end and exchange-traded funds are a weakness of the firm, contributing negatively to the rating. On average, expenses on its funds are within the second most-expensive quintile compared with category peers. With the current market environment of fee compression, this is cause for concern, as investors may flock over time to alternate asset managers to get a better deal.