MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, March 20, 2000 Let Freedom Ring! Shock-waves from the repeal of the Glass-Steagal Act are being felt in Minnesota. Flush with new-found freedom, ReliaStar Financial is forming a national trust bank. The Glass-Steagal Act, enacted after the Great Depression, erected walls between various sectors of the financial services industry. As a result, an insurance company like ReliaStar was prohibited from going into the banking business. All that changed with the passage of the Financial Services Modernization Act of 1999, which tore down those walls.
ReliaStar may be venturing into uncharted waters, but it's not worried about the legal niceties. The Office of the Comptroller of the Currency, a division of the Department of the Treasury, has been scrutinizing the venture. "We don't expect any legal problems," said Patrick Marzol, president and CEO of ReliaStar National Trust Company. They better not -- the bank opens for business today. "We intend to use ReliaStar's existing national distribution network to access customers," said Marzol. That network includes ReliaStar Bank, PrimeVest Financial Services, independent insurance agents, and Washington Square Securities, a ReliaStar affiliate. Printed from: MFWire.com/story.asp?s=25387 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |
