Chase Manhattan Corp. has converted $4.8 billion in common trust funds to its proprietary Vista Select mutual funds. The conversion brings the bank's assets under management to more than $25 billion.
The conversion created 14 new funds under the Vista Family of Mutual Funds.
Once legislation passed last August allowing banks to convert common trust assets into mutual funds, Chase created a team to handle the conversion of its trust funds, Steven R. Samson, product management and development executive for Vista Capital Management, said in a prepared statement.
The team created a model to handle the tax, regulatory, and client management issues that other banks can follow to convert trust assets, Mr. Samson said.
The conversion of trust assets to mutual funds gives Chase's trust clients greater liquidity because they can sell mutual fund shares any business day and can monitor fund performance in daily price quotes, said Terence A. Todman Jr., managing director of global trust and fiduciary services for Chase's private bank.
The Vista Family of Funds, managed by Vista Investment Services, currently offers 56 funds, including 44 domestic and 12 international funds.