Making a play for big institutional investors, Concord Financial Group has created a new class of shares for Chase Manhattan Bank's Vista family of mutual funds.
Concord's Vista Broker-Dealer Services subsidiary, which distributes the Vista funds, said the institutional shares will carry a low-cost price structure, making them attractive to corporate cash managers.
The shares are available for three money market portfolios that invest, respectively, in u.S. government, tax-free, and global securities.
"The introduction of these shares for large institutional investors builds on Chase's long tradition of stiving to meet the investment needs of our corporate and individual clients worldwide," said Leonard Spalding, global investment management executive for the Chase Manhattan Private Bank, which manages the Vista portfolios.
The Vista funds had assets of $4.4 billion as of Sept. 30, according to Lipper Analytical Services. Concord, based in New York, is the leading distributor of bank-managed mutual funds, with some $30 billion in assets under administration.