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Rating:BoNY a Surprise Entry to FRC's List of Top-Selling Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 01, 2007

BoNY a Surprise Entry to FRC's List of Top-Selling Funds

Reported by Erin Kello

The Financial Research Corp.'s numbers are in for mutual fund group sales in June 2007 and there is a shake-up in the top three.

In June, the top three fund complexes in order were Vanguard, American Funds, and newcomer to the top 20, BoNY Hamilton Funds. The three made $5.8 billion, $4.5 billion, and $2.3 billion, respectively.

In May, according to FRC data, the best selling fund groups were American Funds, BGI, and Vanguard, with $5.5 billion, $4.6 billion, and $4.3 billion, respectively.

Joe Murphy, a managing director at Bank of New York Mellon Corp., told The MFWire, that the jump is a result of "better cross-selling of products to meet consumer needs."

Murphy also said that BoNY now has more products to sell as result of the merger with Mellon.

"A lot of positive things came out of the merger. We continue to focus on our combined asset servicing efforts (with Mellon), "Murphy added.

The other surprise in the June numbers is BGI's drop to the number 17 spot, with only $508 million in sales.

The top three selling fund families for the year remain unchanged from May, with Vanguard in the top spot with $45.6 billion in sales, followed by American Funds with $43.4 billion and BGI with $21.9 billion. 

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