Advocates of legislation permitting tax-free conversion of common trust funds into mutual funds were heartened when the Senate approved the measure last week. But they stopped short of declaring victory.

"The champagne isn't uncorked yet," said Judi A. McCormick, senior trust counsel at the American Bankers Association.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.