First Interstate Bank has renewed a contract with ALPS Mutual Fund Services to administer and distribute the Los Angeles-based bank's Westcore mutual funds.
The Westcore funds - 21 in all - are offered through nearly 1,000 First Interstate branches in 14 western states. The fund family has assets of $2 billion.
The contract extension is effective for three years, beginning Oct. 1, according to Denver-based ALPS.
ALPS has administered and distributed the Westcore funds since their inception in 1986. At that time, there were two funds in the Westcore group, with $352 million in assets, according to Jack Henderson, chairman of the Westcore funds.
In addition, ALPS also acts as distributor for Marine Midland Bank's Mariner group of funds. Those funds have total assets of $1 billion.
ALPS has 21 mutual fund specialists in Denver and four in New York. It distributes only bank-owned funds.
