Fairfax Digital will use the $12 million acquisition from online managed funds Web site InvestSmart to build news and lifestyle portals on its site.

InvestSmart will merge with Fairfax's Direct Access investment products Web site to create a business that will have access to more than $1 billion in managed funds, it was announced in a deal Monday, The Australian reported Tuesday.

InvestSmart helps investors research and buy managed funds without the help of financial planners, and will feed into the Business Day Web site, Fairfax Digital chief executive Jack Matthews told The Australian. InvestSmart will be separate from Fairfax Business Media's subscription site, afr.com, but will be linked to Business Day, he said.

“This is an example of a strategy to add high-performing assets,” Matthews is quoted as saying by The Australian.

InvestSmart will launch a marketing push on Fairfax Web sites beginning next month.