management in three new stock funds. The portfolios, launched Dec. 1, have garnered $120 million of assets. They are managed by Pacific Century Trust and consist of a value fund, an international stock fund, and a small-capitalization fund. Bank of Hawaii is a unit of $14.9 billion-asset Pacific Century Financial Corp. Craig M. Warren, vice president of mutual fund administration for Bank of Hawaii, said the funds were mostly seeded with assets from common trust funds and other mutual funds and securities, though there have been some retail sales. The bank's proprietary fund family, Pacific Capital Funds, has $2.4 billion of assets under management. Including the new portfolios, the family consists of six stock funds, three money market funds, and five fixed-income funds. The bank has also set up a balanced fund, but it is "inactive," meaning it has no assets. Mr. Warren said he expects the new funds to have $250 million of assets under management within 12 months. The bank has work to do, said Burton J. Greenwald, a Philadelphia-based mutual fund consultant. They have "exhausted the easy money," he said. "Now they have to go out into the trenches and build retail sales." Mr. Warren said the bank plans to launch an official campaign for the new funds this month. There will be statement stuffers, posters, and a reception for investment representatives. Advertising will focus on the performance of Bank of Hawaii's more established funds, he said. The funds were formed in response to requests from retail customers, and to better serve Pacific Century Trust's large institutional clients, said William Barton, a senior vice president of the bank and the trust company's chief investment officer.

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