Bank-run mutual funds came of age at midyear, surpassing the $1 trillion-asset mark for the first time.

Reaching $1.015 trillion is a significant milestone for banking companies, which have been beefing up their mutual fund businesses throughout the decade. That's a fourfold increase from five years earlier, when banking companies managed $227 billion of mutual fund assets, according to data prepared for American Banker by Lipper Inc. of Summit, N.J. Banking companies now manage $1 of every $6 invested in mutual funds.

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