Banks strut their own stuff, go slow on selling MFs of other AMCs

Banks strut their own stuff, go slow on selling MFs of other AMCs 

Several bank distributors are now only selling mutual funds floated by their own subsidiary asset management companies. Though bank distributors still claim to have an "open architecture", few are selling mutual fund products based on their performance.

According to an industry source, a PSU bank, which runs a relatively new fund management business, has completely stopped selling funds of other asset management companies. Senior management of the bank, according to the source, has asked its officials to go all out to sell funds of its subsidiary asset management company.

The whole-hearted bank support has done good for the fund house as it has managed to ramp up its asset base in a few months' time. 

(Contributed by Shailesh Menon)

http://m.economictimes.com/PDAET/articleshow/9803179.cms