SOUTH BEND, Ind. 1st Source Corp., the parent company of 1st Source Bank, has started a registered investment advisory subsidiary.
1st Source Corporation Investment Advisors Inc. grew out of the trust investment divisions investment group, said Steven Wessell, the new subsidiarys president.
All employees of the trust investment division are now part of the new subsidiary, which will hire additional staff to assist in portfolio management, Mr. Wessell said.
The new division will provide advisory services to trust customers as well as to the four-fund 1st Source Monogram mutual fund family, which has $200 million of assets under management.
Its plans include providing investment advice to smaller banks that have trust departments but lack trust investment expertise.
The division is starting with about $2 billion under management.