IN BRIEF: Scudder Unit to Purchase Leveraged Loans

Scudder Kemper Investments Inc. has formed a bank loan group to buy leveraged loans for the mutual fund company's funds and investors.

Jonathan Trutter, a senior vice president, will head the group, reporting to managing director Stephen L. Akers. The group initially will buy leveraged debt, but it expects to buy investment-grade loans in the future, Scudder said in an announcement.

The Chicago-based investment company has been dabbling in the loan market since the late 1980s, but it decided to launch a formal group as bank loans "became more appropriate for an increasing number of clients," Mr. Trutter said.

Scudder joins a growing list of fund companies either adding loan groups or starting loan funds. Three such funds have been launched this year, bringing the total to 12, according to Lipper Analytical Services Inc. The funds reported total assets of $17.8 billion as of March 31.

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