Midlantic National Bank has selected Wellington Management Co. to serve as subadviser for two of its Compass family of mutual funds.
Wellington will provide investment management advice for the Compass Equity Income and Compass Growth funds. Midlantic, based in Edison, N.J., serves as investment adviser for the funds, part of its Compass family of 15 funds.
Wellington. based in Valley Forge, Pa., advises more than 100 mutual fund portfolios with $75 billion in assets, including several funds distributed by the Vanguard Group, also of Valley Forge.
As subadviser for the two Compass funds, Wellington will be responsible for selecting equity securities that meet Midlantic's investment objectives for the funds.
Track Record Cited
Barbara Z. Parker, head of Midlantic's trust and financial management division, said Wellington was chosen because of its "long-term track record of delivering solid investment performance in all types of markets."
The Compass funds, launched in 1988, have $2 billion in assets under management. They are offered through licensed representatives located in all of Midlantic's branches. More than 10,000 investors own shares in the funds.
Midlantic uses subadvisers on three other funds: Fisher Investments for the Agressive Equity fund; Seligman Henderson Co. for the International Equity fund; and Morgan Grenfell for the International Fixed Income fund.
The bank is a subsidiary of Midlantic Corp., a $13.8 billion--asset holding company.
