First Union Corp. has launched two international mutual funds, the first portfolios in its proprietary mutual fund family to invest only in non-U.S. securities.
The First Union International Equity Fund invests in developed coumlries, and the First Union Emerging Markets Growth Fund invests in growth stocks in developing countries. They were introduced Sept. 1.
A spokesman for the Charlotte, N.C., banking company said each fund was seeded with $5 million from the trust depaxtment. He did not claimrate.
The funds' portfolios are being managed by BoSton International Advisors Inc. and Marvin & Palmer Associates Inc. First Union said it has approximately $7 billion in 33 mutual funds.