Financial business solutions provider Pershing is developing FundVest 200, a new list of premier mutual funds that can assist advisors construct portfolios for investors.

The selected mutual funds will be selected by Lockwood Advisors using the BNY Mellon Manager Research Group’s independent research process.

Pershing will provide the funds list to broker-dealer and registered investment advisor clients.

The first stage of the FundVest 200 rollout on the NetX360 platform is expected in the fourth quarter of 2013.

The company expects to expand the FundVest 200 universe in early 2014 to include about 200 funds from about 40 investment categories.

Lockwood Advisors chief investment officer Jamie Lewin said that FundVest 200 will be driven by an institutional research process that focuses on qualitative factors.

"We are seeking to identify mutual funds that we believe possess the necessary characteristics to potentially achieve anticipated investment outcomes for investors, not simply those with attractive historical returns," Lewin added.