Evergreen Funds, the $54 billion investment unit of First Union Corp. of Charlotte, N.C., said it plans to launch a mutual fund in January that will be co-managed with three other fund companies.

The domestic equity portfolio, to be called the Evergreen Masters Fund, will be managed jointly with Putnam Investments, Massachusetts Financial Services, and Oppenheimer Funds, said William M. Ennis, who heads Evergreen Funds.

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