Mark Twain Changes Funds' Name to Arrow

Mark Twain Bancshares has received permission from federal regulators to change the name of its proprietary mutual funds to the Arrow Funds.

The St. Louis-based banking company had announced last July that it planned to change the name of its Mark Twain Funds to one not so closely associated with the bank.

"We wanted to cut down any confusion that our funds carried FDIC insurance," said Nancy Graves, senior vice president and director of retail banking. "We felt it was going to become more of an issue with government regulators and not less of one," she added.

The bank's decision highlights the concern that many regulators and consumer groups have voiced over the use of bank names in mutual fund logos.

Last month, the National Association of Securities Dealers banned the use of bank names on logos of investment sales material.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER