Magazine article American Banker

U.S. Trust Sets Up Fund Management Division

Magazine article American Banker

U.S. Trust Sets Up Fund Management Division

Article excerpt

U.S. Trust Corp. of New York has revamped its asset-management and private banking groups, in a move to capture more of the institutional and mutual fund management business.

The $3.6 billion-asset bank, which has traditionally served wealthy individuals and families, has created an institutional and mutual fund asset management division, putting an executive vice president, Paul K. Napoli, in charge of the unit.

A quarter of the $31.2 billion of assets U.S. Trust manages are institutional assets.

Looking for Growth

But by creating a new division, the bank hopes to grow the business.

"This reorganization reflects the increasingly important role we expect our institutional and mutual funds investment management businesses to play in the future growth of U.S. Trust's asset management business," said U.S. Trust's president, Jeffrey S. Maurer, in a prepared statement.

The new division will manage and market employee benefit plans, endowments, foundations, proprietary mutual funds for institutional investors, and common and collective trust funds.

In the next few months, U.S. Trust is also introducing the Excelsior Funds, a family of institutional funds.

Launching an institutional fund family will help the bank serve more accounts, such as endowments, Mr. Napoli said.

The unit is also considering selling investment management services for other bank's proprietary funds, a market U.S. Trust has not targeted before. …

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