First Chicago Corp. has embarked on an ambitious plan to make its family of proprietary mutual funds a more viable competitor in the rough-and-tumble funds business.

The $64 billion-asset banking company, which manages a relatively thin $1.3 billion in fund assets, plans to more than triple the business by restructuring roughly $4 billion in trust assets into an unspecified number of new portfolios. The company ehrrently manages nine.

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