Keycorp is broadening the array of mutual funds it offers through its 401(k) retirement plans to include funds from Franklin Resources Inc. and Fidelity Investments.
The Cleveland-based banking company with assets of $63.4 billion joins a small number of banks that offer a mix of mutual fund company offerings in their 401 (k) plans.
The offerings are in addition to Keycorp's proprietary Victory group of mutual funds which the bank has bundled with its retirement plans since 1991.
Keycorp also is adding Capital Research and Management Corp.'s American funds, as well as the Franklin family of funds, and Fidelity's Advisor, Magellan, and ContraFund to its Prism retirement plans.
"Prism has taken a proactive approach to offer a broad choice of fund options to its customers." said Timothy Connors, a senior vice president for investment management and trust services.
Robert Kooley, an executive vice president for investment management and trust services, said the program is the only one of its kind that offers daily trade settlements and toll-free telephone access to corporate clients and their employees.