The investment management arm of Chicago-based Northern Trust Corp. is beefing up its mutual fund offerings.

Northern Trust Global Investments plans to add a small-cap growth fund and a tax-exempt money market fund for retail clients in September, said Arch King, vice president of product development.

These funds will be part of the $12 billion-asset Northern Funds family, which consists of 22 portfolios.

Northern Trust plans to add a small-cap growth fund and a municipal money market fund in October for institutional clients. These funds will be part of Northern Institutional Funds, a no-load family of 17 funds, which has $13 billion of assets under management.

The unit also said it has launched three collective funds for institutional clients in July and plans to roll out another one this month.

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