Alta Trust and Morningstar Introduce 6 Multi-Manager Portfolio CITs

Morningstar Retirement, part of Morningstar Inc., and Alta Trust Co. announced today the launch of the Foundation Series Collective Investment Trusts, six multi-manager portfolios designed for use inside managed accounts. The series is drawn from funds offered by asset managers Columbia Threadneedle, Federated Hermes, First Eagle, Guggenheim, Heitman, Invesco, MFS Investment Management, Neuberger Berman and PIMCO. The fee, consistent across the series, is 0.68%.

“The impetus [for the series] was a recognition that more and more asset managers are becoming believers in personalization,” says Nathan Voris, head of go-to-market and marketing at Morningstar. “The core objective is building highly diversified multi-manager portfolios that work really well inside of a managed account tool.”

CITs are bank products regulated by the federal Office of the Comptroller of the Currency or state banking regulators, not securities regulated by the Securities and Exchange Commission. The investment vehicles generally offer lower fees than mutual funds, making them an increasingly attractive option in defined contribution plans.

In August 2024, CITs surpassed mutual funds to hold the largest share of assets in target-date funds, according to data from Morningstar. Cerulli reported in November 2025 that CITs accounted for approximately 38% of total 401(k) channel assets at year-end 2023, up from 30% at the end of 2019.

Voris told PLANADVISER that the new series is a way for the participating asset managers to facilitate CIT personalization for their customer bases, advisers, plan sponsors and recordkeepers. Morningstar will build the baseline portfolios, which are then tailored to each participant.

“Standardized, distribution‑ready CITs give recordkeepers a common format that works with existing platforms—including stable value funds—so plan sponsors can offer institutional, multi‑manager portfolios without bespoke builds,” said Brian Harriman, director of retirement at Alta Trust, in a statement. “Together with Morningstar, we’re enabling broader access to professionally managed investment solutions and helping accelerate modernization across the industry.”

Morningstar managed approximately $378 billion in assets through its investment advisory subsidiaries as of December 31, 2025.