National Discount Fund 'Supermarket'

A subsidiary of Sherwood Group is the latest discount brokerage to launch a no-transaction-fee "supermarket" for no-load funds.

New York-based National Discount Brokers said the program, called Fundvest, is provided by the company's clearing firm, Pershing, and comprises over 260 mutual funds.

Among the 26 fund families are two from banks: Signet Banking Corp.'s Blanchard Funds and Mellon Bank Corp.' Dreyfus Funds.

Charles Schwab & Co. pioneered the supermarket concept, which allows consumers to purchase funds from different companies through a single provider without paying a fee.

National Discount Brokers joins Jack White & Co., Fidelity Investments, and the Vanguard Group's discount brokerage in fielding a mutual fund marketplace competitor to Schwab's.

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