Frost Investment Services

It is a wholly owned subsidiary of Cullen/Frost Bankers and operates as the investment-adviser arm of Frost Bank. The unit runs only proprietary mutual funds and model portfolios distributed through the bank's trust and wealth-management channels. There is no outside client base independent of the bank.

No. The unit's product set is limited to publicly traded mutual funds — equity, fixed income, and balanced strategies — plus separate accounts for institutional trust clients. Private market vehicles are not part of the current lineup.

Almost all assets come through Frost Bank's trust department, which serves high-net-worth families, endowments, and foundations across Texas. The firm does not materially source AUM from outside the Frost Bank deposit base.

Most regional banks of similar size now offer third-party funds alongside or instead of in-house products. Frost has maintained a captive manufacturing model: every fund on the platform is managed internally. This keeps fees inside the parent company but limits client choice.

No. Cullen/Frost reports trust and brokerage assets in aggregate — approximately $45 billion as of early 2024 — but does not break out how much sits in Frost-managed proprietary vehicles versus third-party custody assets.