CHARLOTTE, N.C. - First Union Corp.'s capital management group, aiming to capture more of the $500 billion of retirement assets held by minority-owned companies, is investing in a venture to be headed by one of its portfolio managers.

ForeFront Capital Advisors LLC, which is slated to start doing business in November out of Philadelphia, will be owned 40% by First Union and 60% by Stephen Dalton, portfolio manager of First Union's large-cap Evergreen Select Secular Growth Fund. The bank has invested $1 million.

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