A small Pittsburgh bank is now selling investment products through Robert Thomas Securities, a third-party marketer.
Sales began Monday, said Richard G. Spencer, chief financial officer of $400 million-asset Fidelity Bank.
Fidelity, which has eight branches, hired a licensed representative to work from its main office and said that it at some point will consider licensing bank employees. "We want to see how this goes first," Mr. Spencer said.
Customers may buy mutual funds from six companies on the bank's preferred list, which includes Putnam Investments, OppenheimerFunds, American Funds Distributor, and Federated Investors.
Robert Thomas Securities, a subsidiary of Raymond James Financial Inc., St. Petersburg, Fla., has 225 bank clients, up 41 from last year, a spokesman for the company said.