Michigan National Bank has added two equity portfolios to its proprietary mutual fund family, the Independence One Funds.
The additions-a small capitalization fund and an international fund- bring the lineup to nine portfolios with $1.3 billion of assets.
The Small Cap Fund will invest in companies culled from the Standard & Poor's Small Cap 600 Index, said Robert J. Stapleton, director of investment services at the $10 billion-asset banking company, which is based in Farmington Hills.
The International Fund will invest in stocks listed on exchanges in Japan, Germany, Austria, Belgium, Ireland, Hong Kong, and other places. This fund will be subadvised by National Australia Asset Management, a subsidiary of National Australia Bank, which owns Michigan National.
Mr. Stapleton said the International Fund has been in the works for some time and that the bank is undeterred by the current volatility gripping global markets. "We're not looking to time the market," he said.
The addition of the funds brings to three the number of equity funds managed by Michigan National.