Fidelity Family Office Services, a unit of the mutual fund giant Fidellity Investments, has launched a new outsourced product for single family offices.

The web-based WealthCentral for Family Offices employs open architecture and integrates trading, account administration and rebalancing capabilities with a third-party portfolio accounting and reporting system, as well as an innovative alternative investments administration tool.

“With the market declines over the last two years, ultra high net worth families are closely monitoring the costs of managing their family offices,” Edward J Orazem, president, Fidelity Family Office Services, said in a statement.  “Based on the experiences Fidelity has had with RIAs, WealthCentral for Family Offices can potentially reduce administrative time and lower operational support expenses for those who use the system.”