Short Takes: S.C. Bank Marketing State St. Mutual Funds

Carolina First Corp., Greenville, S.C., has reached to another bank for mutual funds that invest overseas.

The $1.5 billion-asset banking company has begun offering a global stock fund and four global balanced funds managed by State Street Bank and Trust Co., Boston.

"I needed an economical, global portfolio that was managed out of house, because I have a small staff," said Jane Brissette, senior vice president in charge of institutional trust investments.

Dubbed the Quantidex Funds, the portfolios were designed for 401(k) plans, but Ms. Brissette plans to soon sell them to retail trust investors too.

The banking company said the Quantidex Global Stock Index outperformed 92% of the 3,709 stock funds tracked by Morningstar Inc., a Chicago-based mutual fund tracking company.

The balanced funds invest in global stocks, bonds and money market instruments.

Carolina First plans to sell the funds through the trust division of its subsidiary, Carolina First Bank. The trust division manages $400 million in assets.

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