Clark D. Wagner has left General Electric Investment Corp. and the task of managing a $1 billion tax-exempt portfolio to take over four municipal bond funds -- totaling $1.4 billion -- at First Investors Management Co.

Mr. Wagner's new charges are the Executive Investors Insured Tax-Exempt Fund, the First Investors New York Insured Tax-Free Fund, Multi-State Insured Tax-Free Fund, and Insured Tax-Exempt Fund. The First Investors Insured Tax-Exempt Fund, at $1.14 billion as of June 30, is the third-largest such fund, according to Lipper Analytical Services.

For the 12-month period ended July 31, the fund was ranked 20th out of 25 in the general insured category.

Before joining General Electric, Mr. Wagner was a senior tax-exempt trader with American Express Co., and a municipal underwriter with National Westminster Bank USA.

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