Columbia Asset Management, the West Coast fund unit of Fleet Financial Group, announced a nationally focused municipal bond fund this week.

The Columbia National Municipal Bond Fund, which has been open for about a month, is managed by Greta Clapp, a Columbia vice president.

The Portland, Ore., asset management company already manages the Oregon Fund.

The national fund is aimed at residents of states where there is little or no income tax, Ms. Clapp said. Investors from states like Alaska and Washington tend to be less concerned about the state of issuance so long as the fund proves to be a good investment, she said.

Columbia manages $21 billion of assets, including $7 billion of mutual funds.

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