Wells Fargo & Co. is marketing a second $1,000-minimum investment trust portfolio modeled after those it has offered to wealthy customers.
Introduced Monday by the San Francisco banking company, the second Signature Core Defined Portfolio has 38 high-quality common stocks from 10 sectors: technology, financial markets, capital goods, communications services, consumer-cyclical, consumer-stable, energy, utilities, basic materials, and health care.
"This investment style is a combination of the best ideas the bank has in large-cap-growth and large-cap-value stocks," said Deborah Lamb, Wells Fargo's national product manager for mutual funds and unit investment trusts. "Essentially this offers investors diversification for all weather conditions. It gives good exposure to both growth and value and good exposure to all industry sectors."
Ms. Lamb said the securities include America Online, Johnson & Johnson, Lucent Technologies, MCI Worldcom Inc., Bristol-Myers Squibb Co., Bank of America Corp., Exxon Mobil Corp., International Business Machines Corp., Target Corp., and Wal-Mart Stores Inc.
Investments in the trust will mature in 13 months.
Ms. Lamb said the prototype product for high-net-worth customers, which has a $1 million investment minimum, has been highly successful.
Wells' first Signature Core fund was offered Jan. 4 and closed Feb. 5. It opened at $10 and has risen 7.1%, to $10.71, Ms. Lamb said. She said the second is expected to close by the end of April.
Wells Fargo manages more than $120 billion of assets, $55 billion for high-net-worth investors.
