American Express Financial Corporation will be adding three new funds to its family of funds, a spokesperson with the firm told the MutualFundWire.com. The company has filed the registration for these fund with the SEC.

The new funds are:

• AXP Mid Cap Value Fund -- this fund will primarily invest in stocks of companies with capitalizations in the range of the Russell Mid Cap Value Index.
• AXP Large Cap Equity Fund -- this fund will invest in companies with market capitalizations greater than $5 billion and will be managed with a bias towards value. It will seek to provide long-term growth of capital.
• AXP U.S. Government Mortgage Fund -- this fixed income fund will invest mostly in mortgage-backed securities.

"These three new mutual funds will help provide our clients with additional choice, access and diversification options within the American Express Funds family," added Paula Meyer, vice president and managing director at American Express Funds. "Clients and advisors will continue to see changes to our product line as we introduce new funds managed internally and tap into external asset management expertise through our American Express Partners line."

If all goes well with the SEC, the firm plans to launch these funds next quarter. 

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