A municipal bond fund managed by a unit of SunTrust Banks was named top performer in its class by Lipper Analytical Services.

The STI Classic investment grade tax-exempt bond fund outperformed all other intermediate municipal debt funds in 1994, the Summit, N.J., research firm reported.

This is the second year in a row the $103 million-asset fund managed by SunBank Capital Management has snared the top spot.

The portfolio's manager, Ronald H. Schwartz, oversees $1 billion in public and private tax-exempt funds for the Atlanta banking company.

The investment grade tax-exempt bond fund is one of 18 portfolios in the STI Classic fund family, which has $5 billion of assets.

The portfolios are managed by four SunTrust subsidiaries: Trustco Capital Management, Atlanta; Trust Company Bank, Atlanta; American National Bank and Trust Co., Chattanooga, Tenn.; and SunBank Capital Management, Orlando.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.