PITTSBURGH - Banknorth Group in Portland, Maine, said it has hired Federated Investors' mutual fund services division as distributor and administrator of its newly created Stratevest Funds.

Federated will be under contract to Stratevest for three years, Banknorth said Tuesday.

The fund family comprises four stock funds and two bond funds, with investment objectives that range from income to growth.

Banknorth, which used to be named Peoples Heritage Financial Group, has $18.5 billion of assets and is New England's third-largest banking company.

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