Business and Personal Finance Dictionary

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• PROPRIETARY FUND
  
  Proprietary mutual funds are managed by the financial institution-such as a bank or brokerage firm-that sells the funds. Characteristically, the funds' names include the name of the institution. For example, a hypothetical bank called Last Bank might offer a Last Bank Growth Fund or a Last Bank Capital Appreciation Fund. However, no mutual funds, whether or not they carry a bank brand, are insured by the Federal Deposit Insurance Corporation (FDIC). Some institutions market only their proprietary funds, while others offer both their own funds as well as funds managed by others.
  
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