Manufacturers and Traders Trust Co. is expanding its Vision family of mutual funds to include stock and bond funds.
The Buffalo-based bank, a unit of First Empire State Corp., is adding a government securities fund and a New York State tax-free fund to its lineup, effective today.
A fund investing in growth and incomes stocks is in registration and is expected to join the proprietary line in late November, said Robert Dorn, head of M&T's trust and investment services division.
Money Market Funds
Since its reception in 1988, the Vision Funds family has consisted of three money market funds. They now have assets of $577 million.
The new funds will have 4.5% front-end loads. The bank will waive management fees indefinitely, Mr. Dorn said.
The mutual funds are sold in the bank's 140 branches by more than 50 sales representatives under the charge of Boston-based Liberty Financial Cos. Liberty sells other funds in addition to the homegrown Vision Funds.
The bank weighing whether to take the sales program in-house and is currently training about 300 platform personnel to sell mutual funds. Another 200 to 300 will be trained next year, said William Buckingham, executive vice president for retail banking.