Wachovia Corp. has expanded its Biltmore family of mutual funds to include stock and bond funds.
With the addition of six portfolios, the Biltmore Funds' assets grew to $1 billion, from $286 million.
The Biltmore Fund family also includes three money market fund portfolios launched in 1992.
'A Broader Diversity'
"The expansion of the Biltmore Funds provides clients a broader diversity of investment choices," said David L. Cotterill, president of Wachovia Trust Services, a unit of the Winston--Salem, N.C.-based bank.
The new portfolios -- three equity funds, two bond funds, and a balanced fund -- were formed by converting trust assets.
The Biltmore Funds are offered for sale through Wachovia's trust department and through the bond and brokerage department of its lead bank, Wachovia Bank of North Carolina.
Marketing to Begin in Fall
The bank plans to begin marketing mutual funds through branches this fall, a spokeswoman said.
In addition to the nine Biltmore Funds, Wachovia offers the South Carolina Municipal Bond Fund, formerly part of South Carolina National Bank's Passageway family of funds.
Wachovia merged with the South Carolina bank in 1991.
Federated Units Involved
The Wachovia Investment Management Group is adviser for the Biltmore Funds, and Wachovia Bank of North Carolina is custodian.
Federated Securities Corp. serves as distributor and Federated Administrative Services as administrator for the funds. Both are subsidiaries of Pittsburgh-based Federated Investors Inc.