Magazine article American Banker

Short-Term Downturns Can Hurt Funds in Bank Brokers' Eyes

Magazine article American Banker

Short-Term Downturns Can Hurt Funds in Bank Brokers' Eyes

Article excerpt

A soon-to-be-released survey from Dalbar Inc. found that even a short-term downswing in performance can sour bank brokerage salespeople on a fund family.

The Boston mutual fund research company's 15th annual survey of brokerages that sell mutual funds is due to be released in October. Those surveyed include 320 bank salespeople.

Sliding returns caused companies such as Aim Investment Management of Houston, Putnam Investments of Boston, Alliance Capital Management of New York, and Van Kampen Investments of Oakbrook Terrace, Ill., to slip in the bank salespeople's esteem, said Louis S. Harvey, Dalbar's president.

These companies are still well regarded for investment management capabilities, back-office support, quality of marketing literature, and wholesale support, and almost none were rated less than "good."

Last year's second-rated firm among banks -- Boston's MFS Investment Management -- slipped to No. 7, behind American Funds, American Skandia, OppenheimerFunds Inc., Van Kampen Investments, and Franklin Resources Inc.

Some fund companies with large bank businesses, like Putnam and Aim, suffered significant outflows this year, according Financial Research Corp., a Boston fund tracking firm.

In the Dalbar survey, Hartford Mutual Funds, which is owned by Hartford Life Insurance, kept the top spot. Mr. Harvey said that was no surprise, considering the company's solid sales performance and dedication to sales support. …

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