Comerica Inc., Old Kent Financial Corp., and Michigan National Corp. have joined the ranks of banks offering mutual fund wrap accounts.
Comerica rolled out its program in late May. It will be available through both its private banking group and its retail broker-dealer, said John Irwin, president of Comerica Securities, the Detroit banking company's brokerage.
Old Kent, Grand Rapids, Mich., unveiled a retail wrap program in January, two years after rolling out such a program through its investment management and trust group.
The retail program has accumulated $15 million, and the bank hopes to have monthly sales of as much as $8 million by the end of the year, said Joseph T. Keating, president of Lyon Street Asset Management Co., Old Kent's money management arm.
Old Kent's original wrap program has $100 million of assets.
Michigan National introduced its retail wrap program in early May.
It has offered a similar program through its trust department for about five years, accumulating $30 million of assets, said Audrey Mistor, product distribution manager in the bank's investment services area.
All three banks' programs offer proprietary and third-party mutual funds. Wrap programs charge annual fees based on assets under management rather than levying up-front sales fees.
-Stephen Garmhausen
