Balanced mutual funds managed by banks are outperforming those run by nonbank competitors - attracting interest and assets in the process.

Through the end of April, the average bank-managed balanced fund had delivered a return of 3.24% this year, besting the 2.80% earned by the average nonbank balanced fund, according to data from CDA/Wiesenberger, a Rockville, Md.-based fund research firm.

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