Another bank has joined the minority that manage no-load mutual funds for retail investors.
Trustmark National Bank, Jackson, Miss., recently announced that it has scrapped the sales charges on its proprietary Performance Funds.
However, the bank said it would continue to sell the funds through registered brokers, giving customers access to investment advice. No-load funds are typically sold directly to investors, without such advice.
Although some big banks - notably NationsBank Corp. - are expanding sales of no-load funds, the trend among banks has been to levy sales charges. For instance, Fleet Financial Group, which long offered no-load funds, added loads Nov. 1.