U.S. Banks Scurry To Launch Currency Funds Manufacturers Hanover Next To Enter Fray?
BANKS
Driven by their desire to increase trading volume and supplement management fees, U.S. commercial banks are scrambling to develop currency funds. Sources say that Manufacturers Hanover Trust (MHT), is set to launch a fund this fall, and that a number of other U.S. banks, including First Chicago and Chemical Bank, are working up plans to launch their own currency funds soon.
Trading in MHT’s fund, which is expected to be an offshore vehicle managed out of the bank’s London office, is scheduled to
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