The new fund company created by two portfolio managers from Evergreen Asset Management Corp., the mutual fund division of First Union Corp., faces an uncertain future distributing its funds, industry experts said.

Samuel Lieber and Marc Halle said last week they will buy the Evergreen U.S. Real Estate fund and the Evergreen Global Real Estate fund for an undisclosed sum. Mr. Lieber has managed the U.S. fund since 1993 and the global fund since 1989. Mr. Halle became Mr. Lieber's partner in 1994.

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