In anticipation of its upcoming merger with NBD Bancorp, First Chicago Corp. has made its first moves to consolidate the two banking companies' mutual funds.
According to disclosure documents filed July 25, First Chicago informed the Securities and Exchange Commission of the upcoming merger, which was announced July 12.
The forms advised the SEC that First Chicago Investment Management Co., the subsidiary that manages the Prairie Funds, will seek its permission to merge the fund family with NBD's Woodward Funds.
Richard A. Davies, managing director of the First Chicago investment management subsidiary, said the two banking companies have yet to discuss how the investment management divisions will be consolidated.
The mutual fund families' shareholders and boards of directors will be notified during the next few months, and approval will be solicited byInvestment Products proxy statement, the documents said. The merger is expected to be completed by the first quarter of 1996.
First Chicago manages $2.6 billion of mutual fund assets spread across 37 portfolios. NBD's Woodward funds manage more than $6 billion in 29 portfolios.