Four months after buying Heartland Capital Management, Fifth Third Bancorp is offering the investment firm's growth-stock mutual fund.
The Fountain Square Pinnacle fund opened to bank customers, including 401(k) clients, on March 9. The fund, which manages $22 million in 35 to 45 growth-company stocks, started trading in March of 1985 at Heartland, an Indianapolis firm that manages $1 billion.
James D. Berghausen, chief investment officer of Fifth Third Investment Advisors, said in a prepared statement that the fund "complements our group of funds by appealing to those investors searching for a less-traditional investment style."
Pinnacle brings the number of Fountain Square proprietary funds to 14 with about $3.3 billion of assets under management. Fifth Third, of Cincinnati, manages about $14 billion of assets for individuals, corporations, and not-for-profit organizations. The bank administers $124 billion of assets.