First Union Corp. announced an agreement Friday to acquire Keystone Investments Inc., Boston, for about $183 million.

First Union said the purchase of Keystone's $11.6 billion in investment management and mutual fund assets would make it the third-largest bank manager of mutual funds, with $27 billion in assets. The Charlotte, N.C., company currently ranks fifth.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.