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Trust Assets: Investment of Trust Assets in Bank Proprietary Mutual Funds

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Report Type Reports and Testimonies
Report Date March 16, 1995
Report No. GGD-95-21
Subject
Summary:

This report provides information on bank mutual fund activities. GAO discusses (1) the extent to which banks have invested assets in trust accounts in bank proprietary mutual funds, including the extent to which trust assets have been converted to proprietary mutual funds, (2) the disclosure and consent requirements that apply when trust assets are invested in proprietary mutual funds, (3) whether the law allows double fees on trust assets invested in proprietary mutual funds, and (4) the nature of controls against banks acting in their self-interest when trust assets are invested in proprietary mutual funds.

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