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Brinker Capital opens mutual funds designed to comply with DOL rule

Brinker Capital Inc., an asset manager based in Berwyn, Pa., has opened a series of mutual funds it says complies with the Department of Labor's Conflict of Interest Rule.

The 10 multimanager Destinations Funds are the core of the company's Destinations advisory platform, which has about $9.3 billion in assets under management. The funds' subadvisers include DoubleLine Capital LP.

The funds' level-fee structure brings them into compliance with the regulation, according to the company. The DOL's new standard is often called the "fiduciary rule" because it applies a fiduciary standard to the sale of retirement products, which can include mutual funds. The rule was scheduled to go into effect April 10 but has since been delayed to give the Labor Department time to consider changing or scrapping the rule.

The funds have allowed Brinker Capital to lower qualified existing investors' overall costs by about 21% on average, the company said.

Brinker Capital recently hired Pete Townsend as deputy funds chief compliance officer and Donna Marley as senior vice president of funds, the company said.