Magazine article American Banker

New 1st Union Fund Pulls in $100 Million on First Day

Magazine article American Banker

New 1st Union Fund Pulls in $100 Million on First Day

Article excerpt


First Union Corp. set a one-day mutual fund sales record Monday for its Evergreen family, raking in $100 million of assets with the launching of a portfolio.

The new fund, Evergreen Masters, attracted another $67 million Tuesday, a First Union spokesman said. Evergreen's 90 mutual funds have $55.2 billion of assets under management.

Masters is advised by Evergreen Asset Management Corp., a unit of the Charlotte, N.C., banking company, and is subadvised by MFS Institutional Investors Inc., OppenheimerFunds, and Putnam Investments.

Client dollars are invested in four strategies: mid-cap value, managed by Stephen A. Lieber of Evergreen; mid-cap growth, by Mark Regan of MFS; large-cap value, by Charles Albers and Nikolaos Monoyios of OppenheimerFunds; and large-cap growth, by C. Beth Cotner, Richard England, and Manuel Weiss of Putnam. Each company is responsible for about one- quarter of the fund's assets.

The array of brand names attached to the Masters fund gives it strong appeal, said William Ennis, chief operating officer of First Union's capital management group and president of Evergreen Investment Management.

"The multimanager approach created a distinct gravitational pull" on investors, Mr. Ennis said.

Observers agreed that Masters' star-studded marquee was a big draw for investors.

"They're trying to basically take names of firms that people are familiar with-Oppenheimer, Putnam, MFS-that are traditional household names within the broker-dealer environment," said Geoffrey H. …

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