First Union Corp. has officially rolled out Charles Schwab & Co.'s popular OneSource Fund Supermarket to its customers.

The Charlotte, N.C., banking company is making OneSource available through its securities arm, First Union Brokerage Services, said Dwight C. Moody, chief executive officer and president of the subsidiary.

Clients can now hold any of the 1,100 no-load funds available through San Francisco-based Schwab's OneSource mart in their First Union money management account, known as CAP, said Mr. Moody.

"You could have almost everything with us; now you can do everything," he noted. Previously customers had to go elsewhere to hold no-load funds.

First Union has also rolled out a No-Load Advisory Track program, which will offer OneSource wrapped in advice, Mr. Moody said. Investors can open a no-load advisory account with $10,000, he said.

Both capabilities are roughly two weeks old and are available through what First Union is calling First Fund Advisory Services.

The bank is also close to launching Portfolio Advisory Track, which will consist of asset allocation models based on both OneSource and First Union's own Evergreen Funds, Mr. Moody said.

First Union is the second bank to roll out OneSource. Cleveland's KeyCorp made it available to customers in August and last month initiated a print and radio ad campaign touting its role in the bank's money management account.

KeyCorp's money management account requires a $15,000 minimum deposit, like First Union's CAP account. KeyCorp is also working on a no-load mutual fund wrap product, which it hopes to roll out in the first quarter.

First Union will charge an annual advice fee starting at 1.50% for the No-Load Advisory Track. That fee will decline as portfolio size increases, said Mr. Moody.

The No-Load Advisory Track will also include quarterly performance reports, a dedicated broker, and asset allocation recommendations, Mr. Moody said.

"It takes that world of no-load funds, and we add professional advice," he observed.

First Union, meanwhile, is "several weeks away" from launching Portfolio Advisory Track, said Mr. Moody.

To tout its distribution of OneSource, the bank will launch multiple targeted mailings directed at both First Union customers and some noncustomers, Mr. Moody said. The marketing will be done in-house. First Union will also explore other advertising methods but has yet to complete those plans, he said.

Mr. Moody said that he is not daunted by Schwab's bid to sign up more banks or financial services firms. Chip Roame, a Schwab executive, was recently appointed to coordinate the discount brokerage's efforts to find distribution outlets.

In fact, Mr. Moody said that additional distribution would help promote the OneSource "brand name" and prove beneficial for First Union.

"Given our presence and our footprint," he said, "I think we would certainly feel like we would get our share of business."

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