Banks accelerated their drive into mutual funds in the second quarter as assets under management grew to $354.1 billion, up 7% from the first quarter.

With the gain, banks captured 15% of the $2.35 trillion market for mutual funds. This compares with a 14.3% slice of a $2.3 trillion market in the first three months of 1995.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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