American banks increasingly are turning to their foreign counterparts for help in expanding sales of the mutual funds they manage.

First Union Corp. recently began selling its Evergreen Keystone Funds through Banco Santander's Puerto Rico broker-dealer subsidiary, said Chad Peterson, a spokesman for the North Carolina bank's mutual fund division.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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