SouthTrust Corp. of Birmingham, Ala., has unveiled two additions to its mutual fund family.
The portfolios -- a large-cap growth fund and an Alabama tax-free fund that invests in securities issued by Alabama municipalities -- were introduced last week.
The Alabama fund fills a "niche in the market for a high-quality intermediate fund," said Jon F. Goebel, chief investment officer of SouthTrust Asset Management Co., the unit that manages the funds.
"It should be very popular with a lot of residents of Alabama." Both mutual funds, which were established on Aug. 23, resulted from conversions of trust funds. At the time of conversion, the growth fund contained $70 million of assets and the Alabama fund $60 million.
The fund family, which has $1.3 billion assets under management, comprises two stock funds, three bond funds, and one money market fund. -- Amy L. Anderson