iscussions 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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