Chase Manhattan Corp. has hired an outside firm to help market one of its proprietary mutual funds through 401(k) plans.
Regis Retirement Plan Services, New York, was contracted to offer Chase's Capital Preservation Fund through the defined contribution plans it markets to large and mid-size companies.
Kelly A. Mathieson, a vice president in charge of investment management products for Chase Global Securities Services, said Chase will continue to sell the fund, but Regis has exclusive rights to market it in areas where Chase does not operate.
The Capital Preservation Fund, one of several portfolios managed by Chase Asset Management, is marketed to institutional customers through Chase Global Securities, which handles trust and custodial services for Chase Manhattan.
Chase Global Securities is the world's biggest global custodian with more than $2 trillion under custody worldwide.
Regis is a unit of United Asset Management, a Boston-based holding company with $130 billion of institutional assets.