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Rating:Bank Funds May Drop Load Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, June 07, 2001

Bank Funds May Drop Load

Reported by Alfred Wang

Discussions to lose the load are underway at 1st Source, as executives wonder if its loaded-fee structure is penalizing performance numbers needlessly.

"We have trust relationships with most of our customers," said Steve Wessell, president of the 1st Source Corporation Investment Advisors. "We're paying the penalty in return numbers without getting the benefit of the load."

The South Bend, Indiana-based firm is also looking at candidates to head up its mutual fund distribution efforts. "We want someone with a great understanding of the investment business, as well as experience in distribution," said Wessell, indicating that the position would report to him.

The firm is a newly-created registered investment advisory subsidiary of 1st Source Corporation, the parent company of 1st Source Bank. The firm manages approximately $2 billion in assets.  

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