Evergreen Funds, the mutual fund unit of First Union Corp., is gearing up to launch an array of investment products in the coming months. Next month the $63 billion-asset fund group will roll out a tax-managed equity fund, its second tax-sensitive portfolio, said William M. Ennis, managing director.

Tax-managed funds minimize taxes by holding securities for long periods to avoid paying short-term capital gains taxes. Evergreen already has a balanced, tax-managed portfolio, containing stocks and bonds, that was begun roughly five years ago, said Mr. Ennis. "This is kind of a sister to that," he said.

In December, Evergreen will launch what is called a "masters" or "managers of managers" fund, with more than one asset manager directing the investments, Mr. Ennis said. The domestic equity product will be managed by "four of what we consider the best managers in the United States," including Evergreen, he said.

The fund will consist of four portfolios: large-cap growth, large-cap value, mid-cap growth, and mid-cap value.

Finally, Evergreen plans to launch five offshore mutual funds during the first quarter of 1999, Mr. Ennis said. Their investment categories would be balanced, growth and income, strategic income, blue chip stocks, and money market.

The funds are to be registered in Luxembourg and sold in Latin America and Japan, where a loosened regulatory environment is spurring growth in the mutual fund business. First Union already has a relationship with Kokusai Securities Co., a Japanese brokerage firm.

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