Chase Manhattan Bank has converted $4.8 billion in common trust funds to mutual funds. The 14 new funds, called Vista Select mutual funds, bring total assets under management for the Vista fund family to more than $25 billion.
The conversion of common trust funds to mutual funds was made possible by passage of the Small Business Job Protection Act in August. The new law permits the tax-free exchange of assets. Since then, Chase has developed a plan to handle the conversion and soon will begin marketing that plan to other financial institutions.
