Evergreen Funds, the mutual fund unit of First Union Corp., Charlotte, N.C., plans to merge two of its international portfolios.
The unit, which manages $52 billion of assets, would put those of Evergreen International Equity Fund into the larger Evergreen International Growth Fund, a spokesman said.
The growth fund is managed by Gilman Gunn, chief investment officer of Evergreen's international group. First Union got that fund in the 1996 acquisition of Keystone Investments.
At the time Evergreen was already running the International Equity Fund, which is subadvised by Warburg Pincus Asset Management in New York.
Mr. Gunn, who is based in Boston, would manage the merged $701 million portfolio. He has over 25 years of experience as a fund manager, including 10 in international money management, the spokesman said. Evergreen wants to leverage that international experience as well as improve efficiency.
After the merger Mr. Gun would be managing six of Evergreen's seven international portfolios.
The plan requires approval from the Securities and Exchange Commission and the funds' shareholders.