Dain Rauscher, Comerica Form New Trust Service

Dain Rauscher is teaming up with Detroit-based Comerica, a national bank and trust company, to launch a new trust and estate service. The venture will establish dedicated offices around the country.Beginning this month, brokers will start a training program to familiarize themselves with the new program, Dain Rauscher officials say. Initial instruction wi ll begin in four markets: Dallas, Minneapolis,

Dain Rauscher is teaming up with Detroit-based Comerica, a national bank and trust company, to launch a new trust and estate service. The venture will establish dedicated offices around the country.

Beginning this month, brokers will start a training program to familiarize themselves with the new program, Dain Rauscher officials say. Initial instruction wi ll begin in four markets: Dallas, Minneapolis, Phoenix and Denver. The training will eventually be rolled out to branches nationwide.

"We are opening additional offices with Comerica dedicated to trust services," says Jim Bergeron, vice president of personal trust and estate services at Minneapolis-based Dain Rauscher.

The new venture does not yet have a name. However, the first offices featuring the joint services are to be opened in early 2001.

Comerica will handle trust administration, while Dain will handle trust investment management. "It's a nice complement," Bergeron says. "We expect it will be a great service."

Comerica employees will staff the new unit. But the plan is for both firms to refer clients.

A Dain spokesperson says the firm has been eyeing the trust and estate area for some time. "It's something that our clients and our brokers have been asking for," the spokesperson says. The firm has been bringing on new product vendors to service the trust and estate market.

The move is part of an effort to capture a growing market. Some 150 billion dollars in investable assets will be inherited this year, according to a study by Richard Day Research. Over the next 50 years, an estimated 30 trillion dollars will change hands.

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