NEW YORK - Chemical Banking Corp. said it was merging the Hanover Funds and the CBC Cornerstone Funds, the two mutual fund families it advises.
The funds will use the Hanover Funds name, inherited from the Manufacturers Hanover Trust Co. side of Chemical's recent merger. The Hanover group will consist of six money market mutual funds with assets of $2.5 billion.
Chemical said the merger recently received approval from each fund family's board of directors and is scheduled for completion by yearend. Securities and Exchange Commission approval is pending.
The investment adviser will be the Portfolio Group and Texas as Commerce Investment Management Co., Chemical affiliates. Furman Selz Inc. will be the distributor.