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• W117834411 abstract "For those that have ventured beyond simply acting as agents,, the business has been generally profitable. Conservatism and hazy rules stymie some banks About a year and a half ago, Gregory F. Sanford took charge of Security Pacific National Bank's mutual fund program. Today the Pacific Horizon family of funds, started in the mid-1980s, boasts more than $6 billion in assets under management. Yet Sanford isn't happy. As managing director of the Personal Services Investment Division, Sanford is frustrated by the funds' failure to make many inroads into the bank's retail customer base. While some retail and bank brokerage customers bought shares, by far the largest portion of the assets comes from trust customers of Security Pacific and other financial institutions. don't think Security Pacific-or any other bank-has found the right formula yet to expand the retail relationship through mutual funds and yet not damage the retail deposit base, Sanford says. Yet he still believes that mutual fund business from retail customers will boom once all the pieces in place. Bid for freedom. One of the reasons banks have not been able to move as aggressively as they might otherwise do in mutual funds is the legal tangle they must hack through. We'd very much like Congress to clarify what the rules of the game are, says Richard E. Beeman, senior vice-president, National City Corp. , Cleveland. see no substantial danger in banks underwriting mutual funds and I think we should be permitted to distribute mutual Glass-Steagall restrictions are a constraint we would very much like to see relieved, says Arthur B. Sculley, managing director, J.P. Morgan & Co. us, mutual funds seem like a very natural product for banks to be distributing. U.S. restrictions particularly irksome for Morgan, which has and uses full mutual fund authority overseas. We'd be a lot more aggressive in marketing, were Glass-Steagall removed, says Richard K. Wagoner, executive vice-president and group head of the Capital Management Group at First Union National Bank of North Carolina. For one thing, Wagoner would prefer to be able to call the organization's mutual funds The First Union Family of Funds, rather than Salem Funds, taken from the name of a small brokerage firm First Union acquired. However, regulators generally frown on tying fund names too closely to banks'. In spite of the difficulties, however, banks have made inroads in the mutual fund business. At the end of 1990, bank-advised mutual funds of all types totalled $85 billion, representing a little over 8% of the $1.06 trillion U.S. mutual fund industry, according to Lipper Analytical Services, Inc., the New York-based mutual fund research company. At yearend, 83 banks advised retail funds and 29 advised institutional funds. Furthermore, many banks, particularly smaller ones, offer mutual funds to their customers as agents of third-party fund providers. Profitability and Trust. All of the banks interviewed who advise mutual funds say their overall effort is profitable. To fully appreciate this, one must understand a bit about how mutual fund numbers work. Mutual fund profitability follows its own golden rule: the more you rule, the more gold you get. There certain fixed costs to running a fund, no matter how large its asset base. Therefore, the larger the asset base the fixed costs spread over, the less impact those costs have on the advertised return. In a fund's early days, the advisor and other parties serving the fund may waive all or part of their fees to produce a competitive return. You could be waiving part of your fee and still be making a profit, explains Richard J. Loos, managing director of Marinvest Inc., but you'd like to get past that point. It's a rule of thumb that a fund must have at least $100 million in assets before it has reached critical mass, although this varies somewhat with the type of fund and the fund family's structure. …" @default.
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• W117834411 date "1991-06-01" @default.
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• W117834411 title "Banks Wade, Knee-Deep, into Mutual Funds" @default.
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