San Francisco Partner Daniel Wheeler was quoted Aug. 22 in American Banker on the proprietary mutual fund launched by Bryn Mawr Bank in an attempt to broaden its scope of wealth management operations. The bank’s wealth management division previously had been limited to clients who meet its minimum asset requirements, but now plans to leverage its BMT Multi-Cap Fund to offer strategic investment advice to the mass market. Due to competition, costs and heightened regulations set forth by the Investment Company Act of 1940, banks owned only 4 percent of investment company funds in 2016. “In my view, operating a mutual fund that’s consumer-facing is sort of the big leagues. It’s the hardest thing you can do in wealth management,” Wheeler told the publication.