What is a fund family? What are the benefits of using a fund family? A fund family is: a group of open-end mutual funds under the management of the parent financial firm. a group of open-end mutual funds under separate management but also under the parent umbrella of a different financial firm. a group of closed-end mutual funds under separate management but also under the parent umbrella of a same large financial firm. a group of open-end mutual funds under separate management but also under the parent umbrella of a same large financial firm. What are the benefits of using a fund family? Each fund has different objectives so a particular fund might appeal to different investor needs. Funds families make it harder to diversity a portfolio and shift assets among funds as needed. Each fund has the same objectives so a particular fund might appeal to different investor needs. Funds families make it easy to diversity a portfolio and shift assets among funds as needed. Eac