Pershing has added mutual funds managed by Scudder, Stevens & Clark Inc. to its fund supermarket, the companies announced this week.
Pershing, the country's largest provider of correspondent financial services, agreed to make the 36 Scudder funds available to its broker- dealer clients. The Scudder funds join 63 fund groups available through Pershing's Fundvest marketplace, used by 40 broker-dealers, who in turn sell the funds to their retail clients.
"Scudder is a marquee name, and that's an important addition to the program," said Alton C. Jones, managing director at Pershing. "They bring a number of well-managed funds and many retail people look to that."
Other outside firms that sell Scudder funds are American Express & Co., Charles Schwab & Co., Jack White & Co., Merrill Lynch & Co., NationsBank Corp, Smith Barney Inc., and Waterhouse Securities Inc., a subsidiary of Toronto-Dominion Bank.
"What we're doing at Scudder is enabling individuals to invest in Scudder funds in whatever manner they feel most comfortable," a spokesman said. "Directly from Scudder, through a fund supermarket or through financial advisers."
Pershing, a Jersey City-based subsidiary of Donaldson, Lufkin & Jenrette Inc., executes and clears transactions for than 550 firms, as well as providing third-party account administration and some subadvised investment management.