A fund industry critic is making what could be termed as a "foolish" bet on mutual funds. In November, the Motley Fool, publisher of the Fool.com Website that has long warned its readers away from actively managed mutual funds, launched its own investment advisory arm: Motley Fool Asset Management.

The Alexandria, Virginia-based firm is planning to launch a family of actively managed mutual funds. It has already filed its first fund -- The Motley Fool Independence Fund -- with the SEC.

The no-load fund is being advised by the Motley Fool's portfolio management team of William H. Mann III and William S. Barker. The prospectus lists Peter Jacobstein as the president of the advisor.

Other providers to the new fund include PNC Global which serves as its administrator and transfer agent; custodian PFPC Trust Company; auditor Grant Thornton and legal counsel Schulte Roth & Zabel. The fund is distributed by PFPC Distributors, Inc. 

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