Mellon Bank is preparing to offer its first no-load funds for high-net-worth clients.
The Pittsburgh bank registered with the Securities and Exchange Commission to offer the 13 funds, which would be part of a new fund family, the MPAM Funds (for Mellon Private Asset Management).
They will have investment minimums of $10,000. A Mellon spokeswoman declined to give further information; she cited SEC regulations that prohibit banks from discussing funds that are in registration.
Mellon's private asset management division will also develop a dedicated Web site for its high-net-worth clients. The site will be built by Destiny WebSolutions Inc. of Philadelphia.