Unit investment trusts got off to a strong start in 1995, drawing $1.5 billion of fresh assets during January, the Investment Company Institute reported.
That's a 34% gain from the previous January, when unit trusts took in $1.12 billion. The trusts, which represent shares in a fixed portfolio of bonds or stocks, are sold through many bank-affiliated brokerages and trust departments.
Equity trusts led the asset gains in January 1995, with $1 billion, up from $778.6 million a year earlier.
Tax-free bond trusts took in $374.2 million, up from $214.7 million in January 1994, while taxable bond trusts drew $122.2 million, up from $125.1 million.
There were 11 new equity trusts issuing shares in January, 70 new tax- free bond trusts, and three new taxable bond trusts.