Collective Fund Conversion to Mutual Funds
Brown, Steven M.
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The contents of this paper spring from the author's internship experience in the Trust Operations department of Manufacturers National Bank of Detroit during the winter quarter of 1990. The paper is divided into three principal sections. The first section is an examination of the possibility of converting the collective funds of bank trust departments to mutual funds. Background information is provided on the trust business which explains key concepts and terms. This segment also reviews the conditions present in the trust arena which lead to the consideration of such a conversion. Collective funds are discussed, followed by mutual funds. Certain key advantages of the conversion are considered as is the strategy which Manufacturers National Bank of Detroit would most likely to follow. Finally, the author presents his conclusion concerning the advisability of converting collective funds to mutual funds. The second section summarizes the internship experience of the author. The author discusses the Trust Accounting Collective Investment Funds unit of the bank and what projects he undertook during the internship. The third section relates the work experience to the author's past academic work as well as his career goals. This segment discusses the author's use of knowledge gained through relevant coursework. The author also discusses how the internship has assisted him in his evaluation of banking as a career option.