Fleet Financial Group is finding fertile ground for mutual fund sales
Fleet's banking customers helped fuel a startling 139% sales jump in the
Some 6% of Fleet's banking customers invest in the funds, up from 3.8% a
Fleet is trying to ensure that its bank customers are not taking their
And once investors put money in the funds, Mr. Ash wants to ensure they
He credits an investor education program with keeping redemptions at
"You get better performance if you don't have the turnover of assets,"
The recent sales performance has clearly impressed some observers.
"It validates a lot of things that they've done," said Joy Montgomery,
She did offer one note of caution: "Not to take away from their efforts,
According to Mr. Ash, the Galaxy Funds' performance has never been an
The company has added wholesalers who sell the Galaxy Funds as
But Boston-based Fleet has not just mined its customer base. It also has
It has also been pushing nationwide through its discount brokerage
Fleet will look to distribute the Galaxy Funds through Charles Schwab &
"We will be on a lot of different companies' (fund marts)," Ms. Goodwin
Fleet will also continue the extensive branding campaign, with a
In touting the Galaxy Funds, the bank has already targeted readers of
"We're still jogging," he said. "'We haven't even reached our running