As part of its strategy to move beyond traditional thrift services, Indianapolis-based First Indiana Bank has launched an investment advisory company with trust powers.

The new company, FirstTrust, will administer estates and trusts for individuals and businesses. First Indiana, a subsidiary of $1.7 billion- asset First Indiana Corp. has hired four trust executives from NBD Indiana.

FirstTrust's services complement those of another First Indiana affiliate: Somerset Financial Services. Somerset offers investment services, tax planning and preparations, business valuation, and accounting services.

The new trust company will operate in First Indiana's Indianapolis headquarters, but its services will be available through the bank's 26 offices in central and southern Indiana.

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