Bank-managed mutual fund assets slipped 0.8% during the third quarter, to $1.024 trillion, the first decline on record, according to a survey prepared for American Banker.

Like the rest of the mutual fund industry, banking companies' fund operations were hit by investor anxiety over rising interest rates and declining equity prices.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.