Amcore Financial Group is gearing up to launch three mutual fund portfolios that it hopes will help round out its proprietary Vintage Funds family.
The Rockford, Ill.-based banking company has asked the Securities and Exchange Commission for permission to launch the new funds, which include aggressive growth, balanced, and fixed-total-return portfolios.
Amcore officials said the new portfolios will add depth to the banking company's existing fund offerings, which total $366 million of assets, and include money market, equity, fixed-income, and tax-free municipal bond portfolios.
The $2 billion-asset banking company does not charge a sales fee for its proprietary funds.
Patricia M. Bonavia, product manager for the Vintage Funds, said she expects to receive the go-ahead from regulators in May and will begin offering the balanced fund June 1. The other two portfolios will be introduced by yearend, she said.
Amcore will convert $17 million of employee benefit trust assets to seed the balanced fund. Another $30 to $40 million of trust assets will be converted to jump-start the fixed-total and aggressive growth portfolios.