Banks' concentration in money market funds, often cited as a weakness of their mutual fund management strategy, proved to be a strength in the turbulent third quarter.

Assets of bank-managed money funds grew 7.1%, to $415.9 billion, in the three months ended Sept. 30, according to data prepared for American Banker by Lipper Analytical Services, Summit, N.J. By contrast, banks' total mutual fund assets rose a scant 0.1%, to $755.4 billion. (Tables begin on page 8.)

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