NEW YORK - Bankers Trust Co. has decided to drop its strategy of selling retail load mutual funds through broker-dealers. Instead, its only funds will be no-load and marketed to retail investors through financial advisers affiliated with mutual fund supermarkets and directly to institutions including 401(k) plans.
Frank Minard, chairman of investment management-New York, said the funds also will be sold through wrap-fee programs. Bankers Trust will still subadvise funds for other companies.
Building the infrastructure to market load funds through brokers proved quite costly. According to a spokeswoman, Bankers Trust "felt it would be more effective to go through the traditional and institutional channels."
Bankers Trust's mutual fund business was headed by Anne McMillen.
Mr. Minard said bank officials think very highly of Ms. McMillen: "In no way is this a reflection on her. She's weighing many opportunities throughout the bank." Ms. McMillen will stay on with the division through year end to manage the transition.
