(June 21 – 11:05 ET) – Scudder Kemper Investments Inc. has combined its bank and brokerage distribution channels into a single unit.
Today’s issue of American Banker reports that Scudder has created a new division called the broker-dealer division, that will cover all fund sales through banks and brokers in the U.S.
Mike Harrington, who’s heading the new division, told the magazine that Scudder is combining the two groups “because the distinctions between banks and brokers are blurring”, and the new unit, “will let Scudder take better advantage of the larger distribution channels opening up”.
Scudder is reportedly also revamping its overall domestic distribution system to better match up with the evolving industry.
Scudder sold US$19.9 billion worth of funds through banks and brokers in 1999.