One dozen bank-managed mutual funds had at least $10 billion under management at the end of the third quarter, hitting the level many say is necessary to be considered a long-term mutual fund player.

A year ago, only eight banks had reached the $10 billion benchmark, according to data compiled for American Banker by Lipper Analytical Services, Summit, N.J. But as more banks reach what some would call "critical mass," the bar keeps rising.

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