First Union Corp. yesterday unveiled a family of 16 mutual funds for institutional investors, dubbed Evergreen Select.
The funds were created last weekend by converting more than $7 billion of common trust assets into mutual funds, said William Ennis, a managing director at Evergreen Funds.
The funds cover the "spectrum of both equity and fixed income," ranging from large-cap value to small-cap growth, to short- and medium-term fixed income vehicles, he said. "We think we've created a rainbow of products that will be highly attractive to the institutional and high-net-worth marketplace," Mr. Ennis said.
First Union, through asset management subsidiary First Capital Group, will look to increase the assets of Evergreen Select to beyond $7 billion, said Mr. Ennis. First Capital was set up three months ago to grow and manage assets for the institutional market, said Mr. Ennis.
Commenting on the decision to move beyond the common trust model, David Francis, managing director and chief investment officer of First Capital, said the investor will gain the advantage of better reporting capabilities and the better regulatory oversight associated with the mutual fund industry. "We just think it's a much better vehicle," said Mr. Francis.