First Union Corp. converted $7 billion in bank common trust assets to a family of 16 mutual funds, called Evergreen Select. The funds are available only to institutional investors. First Union Capital Management Group, a new subsidiary, has assumed management of the funds.
The new funds bring the Evergreen mutual fund division's total assets up to $40 billion. First Union manages $16 billion in institutional assets in a variety of investment vehicles.
J.C. Penney Co. Inc., Plano, Texas, with a total of more than $7 billion in 401(k) plan assets and defined benefit plan assets, outsourced its employee benefit plan services to Hewitt Associates.
Defined benefit, health and group benefits will be up and running in January, said Sharon Leight, benefits director. Interactive voice response and benefit center support for the 401(k) plan is already operational.
J.C. Penney has about 150,000 eligible employees.