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Wednesday, March 13, 2013

Fundsters Duke It Out Over Bank Trusts

Reported by Tommy Fernandez

Nearly 80% of asset managers have increased their resources dedicated to the bank trust channel, according to new research published by Cerulli Associates.

Cerrulli's latest report, titled High-Net-Worth and Ultra-High-Net-Worth Markets 2012, takes a look at the U.S. high-net-worth (with investable assets over $5 million), as well as the ultra-high-net-worth (with investable assets above $20 million) marketplaces.

"Bank trust departments are a hot topic among asset managers. The channel represents a more than $2 trillion opportunity," Bing Waldert, director at Cerulli Associates, stated. 

  Moreover, he said that "a full 50% of asset managers report substantially increasing bank trust channel resources, and another 30% report increasing resources moderately to slightly," states Waldert. 

  In the report, Cerulli indicates the bank channel is in the midst of evolving from closed architecture and heavy use of proprietary products to one that is more accepting of external managers. "Banks have adopted an open architecture approach, and their centralized due diligence teams carry the most influence over product placement," Waldert stated. 


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