CHARLOTTE, N.C. - Evergreen Investment Co., First Union's family of funds, introduced two sector funds Friday, the Evergreen Technology Fund and the Evergreen Health Care Fund.
Bill Ennis, president and chief executive officer of Evergreen, said the goal of both portfolios is long-term capital growth. The funds are nondiversified products that invest in a particular market area, and they are being offered to leverage the demand for innovative funds, he said.
Dr. Liu-Er Chen, a financial analyst who holds a doctorate in pharmacology and specializes in neuroscience, is to manage the health-care fund. John Rutledge, who was a hardware technology analyst at Loomis Sayles before becoming a financial analyst, is to manage the technology fund. Evergreen has $82 billion of assets under management.