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SEMINARS ON PROPOSED TAX LAW THAT WILL PERMIT TAX-FREE CONVERSION OF BANK COMMON TRUST ASSETS INTO MUTUAL FUNDS TO BE HELD

SEMINARS ON PROPOSED TAX LAW THAT WILL PERMIT TAX-FREE CONVERSION
 OF BANK COMMON TRUST ASSETS INTO MUTUAL FUNDS TO BE HELD
 NEW YORK, Sept. 15 /PRNewswire/ -- One day seminars on the significance for the banking industry of proposed tax reform legislation that will permit the tax-free conversion of bank common trust assets into mutual funds will be held in five cities during October by Concord Financial Group, Inc., and KPMG Peat Marwick, two national financial firms.
 Concord Financial Group, a leader in the administration and distribution of proprietary mutual funds, has successfully developed partnerships with financial institutions to administer 42 proprietary mutual funds representing more than $23 billion in assets.
 KPMG Peat Marwick is the leading auditor of common trust funds and the world's largest integrated professional services firm, serving the financial services industry, including banks, common trust funds, mutual funds, insurance companies, investment banks and thrifts.
 The proposed tax reform legislation dealing with bank common trust assets is part of the Revenue Act of 1992. Under the current tax laws, banks can only convert collective investment trusts, such as IRAs and employee benefit trusts, into mutual funds without adverse tax consequences.
 "It is estimated that the proposed legislation will make available a quarter trillion to a half trillion dollars in bank common trust assets to seed mutual funds, compared to the $1.4 trillion currently invested in mutual funds," said Richard E. Stierwalt, chief executive officer of Concord. "As leaders in the distribution and development of bank proprietary mutual funds, Concord has been closely monitoring the legislation. We are presenting these seminars before the new law is signed so our experts can help bankers prepare for the new regulations, which will benefit the banks and their clients."
 Edward H. Jones, partner, KPMG Peat Marwick, said: "While the pending tax reform legislation will present an opportunity for banks to expand into mutual funds, there are still many areas that need to be considered and understood. These seminars will provide a forum at which our professionals will explore some of the technical areas in the banking industry, which will be most affected by the proposed changes."
 The Concord-KPMG Peat Marwick seminars will be held in Boston, Dallas, Atlanta, Chicago and New York. They will focus on the impact the new legislation will have on banks, and cover the benefits of converting bank trust assets into mutual funds; the legal, tax and other business issues involved; how to develop a profitable mutual fund business; fund administration, marketing and distribution, and present a case study.
 The date and locations for the seminars are:
 Boston - Wednesday, Oct. 14
 Dallas - Friday, Oct. 16
 Atlanta - Tuesday, Oct. 20
 Chicago - Friday, Oct. 23
 New York - Tuesday, Oct. 27
 Each seminar will start at 8:30 a.m. and conclude at 2:00 p.m. Those interested in attending can call Concord's Business Development Office at 1-800-758-3863 for more information.
 -0- 9/15/92
 /NOTE TO EDITORS: Members of the press are invited to attend these seminars. Please contact Arlen Financial Communications at 212-966-5100/
 /CONTACT: Laura Berger or Stan Appenzeller of Arlen Financial Communications, 212-966-5100, for Concord Financial Group/ CO: Concord Financial Group ST: New York IN: FIN SU:


LD-TM -- NY007 -- 9473 09/15/92 09:00 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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