Shawmut National Corp. is shopping for fund management firms and mortgage servicing portfolios. Chairman and chief executive Joet Alvord says he wants to expand the bank's investment products and mortgage businesses, and is looking for acquisitions to achieve his goals.

Shawmut has $750 million under management in its six-month-old mutual fund business, but Mr. Alvord says that banks need about $2 billion under management to profit from the endeavor. The executive says he would like to buy an investment advisory or mutual fund company with several hundred million to a few billion dollars under management.

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