Although banks have dominated the overseas sale of mutual funds and have served as a barrier to U.S. fund companies looking to enter foreign markets, the international bank channel is losing its dominance, according to a recent report from Boston research firm Cerulli Associates.

This could benefit U.S. firms as they try to penetrate international markets, said Ben Phillips, an analyst in Cerulli's London office. "It's now easier for U.S. firms to sell their funds in multiple countries," Phillips said.

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