U.S. Trust Names Concord Holding Coadministrator for Mutual Funds
The United States Trust Co. of New York said Tuesday that Concord Holding Corp. will become coadministrator for its mutual funds.
New York-based Concord replaces UST Securities, a Los Angeles unit of the banking company.
After the switch, two Concord salespeople will focus on selling the funds to customers in New York and California, said Donald P. Hearn, senior vice president of U.S. Trust. Most fund investors are institutional clients.
The move is intended to help the bank increase the $2.3 billion invested in its 11 funds known as UST Master Funds.
"We were really looking for additional sales muscle," Mr. Hearn said. "We want to be as active as possible."
Concord Financial Group, a subsidiary of Concord Holding Corp., will be distributor and sponsor of the UST funds.