BLOOMINGTON, Ill. State Farm, the insurance giant, announced it is offering a family of 10 State Farm Mutual Funds nationwide.
The rollout was announced Thursday and came after a January test release of the funds in Missouri, North Carolina, Kansas, and Virginia.
These are the first mutual funds offered by the company and are to be available from more than 9,000 registered State Farm agents, on the Internet, or by application sent in response to requests made at a toll-free number.
State Farm Investment Management Corp. manages the funds, and Barclays Global Fund Advisors, a subsidiary of Barclays Global Investors, and Capital Guardian Trust Co. are advisers and submanagers. All sales will be through State Farm VP Management Corp., the broker-dealer through which State Farm also sells its variable insurance products.
The investment management unit has managed six portfolios for State Farms variable insurance products the past three years.
The rollout of the mutual funds comes as State Farm is moving steadily into the financial services arena. Last month it opened a loan processing center in Creve Coeur, Mo., that it anticipates will underwrite 10,000 loans per month by yearend. The company is offering home equity lines of credit, as well as auto, boat, recreational vehicle, and specialty product loans through the facility.
By January, State Farm also expects to have 16,000 agents trained nationwide to sell other banking products, including savings and checking accounts.
State Farms thrift was chartered by the Office of Thrift Supervision in November 1998 as State Farm Financial Services. It started operating in Central Illinois and St. Louis in May 1999 under the trademark State Farm Bank. Internet operation began in March 2000.