NationsBank Corp., Charlotte, N.C., this month added an internationally focused fund to its proprietary family, the $37 billion-asset Nations Funds.
The Nations International Value Fund succeeds the Emerald International Equity Fund, part of Barnett Banks' proprietary fund family. NationsBank acquired Barnett Banks last January for $15 billion, netting roughly $5 billion of mutual fund assets.
The portfolio is the last of the 14 Emerald Funds to adopt the Nations Funds moniker. The Nations Funds lineup now includes more than 50 mutual funds.
The International Value Fund will seek to buy stocks at or below their true long-term value, following the same investment approach as its predecessor.
It will be advised by NationsBanc Advisors and sub-advised by Brandes Investment Partners, San Diego, a bank spokeswoman said.
Separately, NationsBank's fund distributor, Stephens Inc. of Little Rock, Ark., recently hired Walter R. Lewis as a director heading up its effort to market the bank's funds to 401(k) plans sponsored by mid- and large-capitalization companies.
The post is new and represents the banking company's bid to get its funds into more defined contribution plans, said the spokeswoman.
"More and more plans are moving to multioptions, using different investment management firms, and we think we bring a lot to the table," she said.
Mr. Lewis was most recently a managing director at Metropolitan Life Insurance Co.'s defined contribution group, covering the Southeast.