Someday, the Internet might be a compelling way to distribute mutual funds, but today it remains tough to beat a wirehouse when it comes to fund sales, if PaineWebber's recent experience is any indication.

PaineWebber of New York and its sales force of approximately 7,250 registered representatives have raised a record $2.1 billion for the new PaineWebber Strategy Fund, according to Mitchell Hutchins Asset Management of New York, PaineWebber's asset management unit. PaineWebber reps raised those assets in a subscription period that began Oct. 11 and concluded Nov. 29, the company said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.