Fiduciary Trust Company International in New York has launched four mutual funds with assets converted from common trust funds.

The portfolios unveiled last month-municipal bond, fixed-income, large- capitalization growth, and large-capitalization growth and income-have the same nine managers as they did under the common trust fund format. The existing proprietary FTI funds are small-capitalization equity and large- capitalization growth and income portfolios.

The $207.8 million of assets converted from the common trust funds brought the total assets under management in the FTI family to $353.8 million as of Dec. 31.

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