First Union Corp. greatly expanded its institutional mutual fund offerings through one of the biggest conversions of bank common trust assets to date, bringing mutual fund assets to $40 billion.
First Union Capital Management Group has assumed management of $7 billion in assets converted to a family of 16 mutual funds, called Evergreen Select. The funds are available only to institutional investors. The group manages $16 billion in institutional assets.
The family of funds is managed by small, entrepreneurial teams of portfolio managers and analysts, who also manage other investment products for First Union. The funds are diversified across asset classes.