Bank mutual fund programs were little more than a sketch on a canvas five years ago.
Now many banks can boast of richly developed paintings - some marked by bold strokes, others by delicate brushwork.
The fund strategies of nine accomplished banks are the centerpiece of the fifth annual Masters of Mutual Funds edition.
This issue takes stock of the banks' evolution from apprentices to artisans in the mutual fund business.
Three are singled out for the way they have reinvented their mutual funds businesses. Mellon Bank Corp., for instance, has undertaken the daunting task of building equity fund capabilities at its Dreyfus Corp. unit, traditionally known as a bond shop. First Chicago and Union Planters have compelling strategies of their own.
Three are recognized for daring bids to grow through acquisition. One of them - Fleet Financial Group - had inked not one, but two, big deals by early October, agreeing to buy Columbia Management Co., a fund manager, and Quick & Reilly, the country's third-largest discount brokerage. Deals by J.P. Morgan and Keystone Financial are also examined.
Finally, three are honored for boldly positioning their mutual fund programs for the future. KeyCorp and NationsBank are pursuing the fund supermarket strategy, each in its distinctive way. And First Union continues to turn heads as one of the nimblest and savviest banks in the mutual fund business.
With any luck, their master works will retain their luster for years to come.
