This concern made it less economically worthwhile to continue to do so. Prince remarked that other banks that owned funds would eventually reach the same conclusion. In this context I would also like to tell you what an analyst in an important financial company in Boston said.
He commented, in reference to the sale of funds by Citigroup, that during the 1990s huge financial companies were anxious to merge financial intermediation activity with that of financial-asset management, such as funds. With regard to the potential for conflict of interest in the new reality created, he said that the distribution and management of funds are two distinct occupations that require different qualifications.