Missouri Corporate Credit Union is among the first distributors of TRUST, a family of mutual funds targeted exclusively to credit unions, since a new industry partnership was announced on Tuesday.
The $197 million Missouri Corporate in St. Louis said it will be able to expand access to TRUST’s credit union-owned institutional portfolios within the credit union industry, according to TRUST.
The Washington-based TRUST, and its distributor, Callahan Financial Services Inc., recently announced a partnership with broker-dealer and investment advisory firm CUSO Financial Services LP in San Diego, to help widen distribution of the mutual funds.
All three of TRUST’s portfolios will be co-distributed and are designed to fill credit unions’ specific needs for target duration investments, the companies said. The Money Market, Ultra-Short Duration and Short Duration Portfolios invest only in instruments permissible for federal credit unions to purchase as defined by the NCUA, according to TRUST.
“We take great pride in serving our members with high-quality products delivered with first class personal service,” said Dennis DeGroodt, CEO of Missouri Corporate. “We’re pleased to add TRUST’s three credit union-focused mutual funds to the products we offer.”
With eligibility open to any credit union in the U.S., Missouri Corporate said it serves member credit unions in Missouri, Oklahoma, Illinois and North Dakota.
News of Missouri Corporate’s alliance with TRUST comes just more than a week after DeGroodt announced he would retire as CEO of the corporate on July 31 after 16 years of service.