Magazine article American Banker

Chemical, Fidelity Investments Join in Mutual Funds Venture: Boston Firm to Market Five Funds to Bank's Customers

Magazine article American Banker

Chemical, Fidelity Investments Join in Mutual Funds Venture: Boston Firm to Market Five Funds to Bank's Customers

Article excerpt

Chemical, Fidelity Investments Join in Mutual Funds Venture

Boston Firm to Market Five Funds to Bank's Customers

Chemical Bank and Fidelity Investments of Boston announced Wednesday a joint venture in which Fidelity will market five mutual funds to Chemical customers.

The undertaking makes Chemical the latest of dozens of banks that have joined with other organizations to provide mutual funds for their institutional or retail accounts.

Chemical's announcement comes days after the United States Trust Company of New York said it will offer a group of funds in a venture with Shearson Lehman/American Express.

Two of the Chemical/Fidelity funds are new. The Metro Portfolio funds will be managed by the Portfolio Group, a subsidiary of Chemical New York and an affiliate of Chemical Bank. Chemical will serve as transfer agent and custodian of the no-load funds, while Fidelity will act as sponsor and distributor.

The Metro Portfolio Investors Stock Fund is a growth equity fund. Its registration statement went into effect Jan. 20.

The second new fund, which is still in registration, is a short-term, triple tax-exempt money market fund that will be directed to New York State investors.

The arrangement with Chemical marks the first time that Fidelity will distribute funds managed by a bank.

In addition to the Metro Portfolio funds, Fidelity also will market three of its existing mutual funds.

The Fidelity Special Situation Fund --an equity fund--and the Fidelity Equity-Income Fund, will be available to Chemical cistomers. …

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