Envestnet and Invesco have launched seven new model portfolios that blend active and passive fund management, Envestnet says.

The Invesco PMC ActivePassive portfolios, available on the Envestnet platform, use a combination of actively managed mutual funds from Invesco and low-cost, tax-efficient index funds, according to a press release from Envestnet. They’re aimed to fit a range of investor objectives and risk profiles, the company says.

"This active versus passive debate is age-old, but our research continues to show that there are distinct advantages to both," Ryan Tagal, director of product management at Envestnet, says in the press release.

Envestnet | PMC, Envestnet’s portfolio consulting group, will handle portfolio construction and asset allocation in the model portfolios, the company says.

The portfolios will also include liquid alternative mutual funds, as a way to “provide better protection against potential drawdowns in challenging equity markets,” Tagal says in the press release.

Envestnet | PMC has been putting out portfolio models combining active and passive funds for 12 years, the company says. With the latest products, the company’s various ActivePassive Portfolios account for $4 billion on Envestnet’s platform, according to the press release.

The model portfolio space has been steadily growing in recent months as advisor demand remains high. Earlier this month, Fidelity rolled out a suite of fixed-income strategies available on several platforms, including Envestnet’s. In December, BlackRock unveiled plans to put out model portfolios with automated tax management.