Departure of Top Exec Is Just the Latest Setback for StockJungle

StockJungle.com, an online mutual fund company that has struggled to attract assets, is losing its chief investment officer.

The pending departure of Michael Petrino, who plans to take a less-active advisory role, is the latest in a series of setbacks for the Culver City, Calif.-based firm. It was forced to liquidate its no-fee S&P 500 index fund on April 7 when it failed to attract $1 million in assets. And earlier this month, the firm said it would ask shareholders to approve a 45% hike in the expenses of its remaining three funds.

On top of all this, the shop has managed to gather just $5.4 million in total assets, while the average U.S. stock fund has more than $400 million in assets, according to Morningstar. ...