The broker-dealer subsidiary of Centura Banks Inc., Rocky Mount, N.C., plans to unveil a mutual fund wrap account on Aug. 1.
The product, called the Centura Securities Adviser Account, includes funds from SEI Investments Co. and the bank's proprietary fund family, Centura Funds. It requires a minimum investment of $100,000, said Ed Hipp, president and CEO of Centura Securities Inc., which has $1.2 billion of assets under management.
Mr. Hipp added that the broker-dealer will train its 30 Series 7 brokers on July 28 and 29. "I believe that we have to get away from this transactional type of business and move toward a relationship business," he said.
Centura Banks has $7.6 billion of assets and operates 230 offices in North Carolina, South Carolina, and Virginia.