Not all bank funds are struggling, Banc of America Capital Management says that its Nations Funds family has now reached the $100 billion in assets mark. The fund family started the year with $80 billion in assets.
"This marks a great milestone for Banc of America Capital Management," said Rob Gordon, co-head of Banc of America Capital Management and president of Banc of America Advisors, Inc., the investment advisor to Nations Funds.
Gordon contends that the funds' quick growth is evidence that Nations Funds has captured the attention of investment professionals both internally and externally. "While investment performance is usually the number one consideration, growth has been achieved through distribution partnerships that go beyond just product," he said. "It is also based on our ability to help our partners serve clients and reach new ones."
One of the drivers of the fund's growth may be Bank of America's willingness to partner with outside brandname fund managers to build recognition for its products. The bank has put together the Nations Funds' Managers of Distinction program to highlight these funds. Included are: Marsico Capital Management, Brandes Investment Partners, Chicago Equity Partners, Gartmore Global Partners and MacKay Shields.
The bank recently purchased the half of Marisco Capital that it did not already own.
"Our expertise combined with the unique styles represented by the other Managers of Distinction(SM) creates a compelling product set for Nations Funds," said Mike Kenneally, co-head of Banc of America Capital Management and president of Banc of America Capital Management, Inc.
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