Compass Bancshares of Birmingham, Ala., has created a wrap product to help it compete against Wall Street firms, a brokerage executive said.
The Managed Asset Program was rolled out last month in Texas and is being introduced this month in Florida and Arizona, said Randy Reynolds, chief executive of Compass Brokerage Inc.
The $17.3 billion-asset banking company also plans to offer the product in Alabama by April 1, he said.
It is being marketed through the company's brokerage and asset management units. The fees range from 90 to 125 basis points, and customers must invest at least $75,000, he said.
SEI Investments of Oaks, Pa., provides analysis and back-office support.