A nonproprietary mutual fund is where the bank acts as a broker for a nonaffiliated mutual fund but does not act as an investment advisor.

Name: A nonproprietary mutual fund is where the bank acts as a broker for a nonaffiliated mutual fund but does not act as an investment advisor.
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A nonproprietary mutual fund is one where the bank does not manage the fund and acts only as a broker or intermediary for the nonaffiliated mutual fund. It does not provide investment advice.

A Nonproprietary Mutual Fund Is Where the Bank Acts as a Broker