Chase Manhattan Corp. has started two mutual funds for investors overseas.
The company's Vista Strategic Income and Focus Equity funds, available last week, invest mostly in U.S. securities. They bring to 15 the number of Chase funds domiciled in Luxembourg for non-U.S. citizens.
The New York-based banking company expects to beef up sales of its offshore funds through expansion of an agreement with Direkt Anlage Bank AG in Munich, said Sarah E. Jones, president of Chase Mutual Funds Corp.
The offshore family targets Europeans who want to allocate investments outside their home markets, such as in the United States, Japan, and Latin America, Ms. Jones said.
"What we bring to the table is our global presence and the fact we have these regional funds," she said.
Direkt Anlage Bank has a platform similar to Charles Schwab & Co.'s Institutional OneSource, through which insurance companies and financial planners select funds for individuals. Direkt Anlage, a subsidiary of Bayerische HypoVereinsbank AG, first offered Chase funds in 1997 through its discount brokerage.