Rockland Trust launches mutual funds

Rockland Trust in Hanover has launched its 1st two mutual funds. The Trus seeks alternative revenue sources beyond its traditional offerings, the Patriot Ledger reports.

The Ledger reports that the funds have already attracted significant interest. The large-cap fund has about $55 million in assets, and the midcap fund has about $25 million, the Ledger notes.

David Smith, Rockland Trust’s chief investment officer, said the bank launched the funds last month as a way to generate revenue outside of its traditional market.

“The goal is going to be to deliver the strong investment management services, that we deliver locally to clients, outside of Rockland Trust’s geographic footprint,” Smith said.

“There’s a significant market outside the Rockland Trust geographic footprint.”

The mutual funds also will help the bank become less reliant on interest-rate revenue from loans, Smith said.