is planning to create 15 new Vision Funds to absorb the Ark Funds it acquired through its purchase of Allfirst Financial
. The Buffalo, New York-based bank purchased Allfirst from Allied Irish Banks at about $866 million last December and banking regulators approved the deal in March.
In an unrelated announcement, the bank also said that Kevin Hanrahan
stepped down as a portfolio manager on the Vision Large Cap Core Fund on March 7. Thomas Pierce, Mark Schultz and James Thorne remain as portfolio managers for the fund.
The bank disclosed some of its plans for the two fund families in SEC filings. Those filings did not detail what would happen to the staff currently working with the Ark Funds. Calls seeking further comment made to officials at M&T were not returned by press time.
The consolidation of the two fund brands comes in the wake of M&T's merging of its Governor Funds into the Vision family two years ago. The bank acquired those funds when it purchased Martindale Andres & Company in October of 2000. It moved the advisory responsibilities for the funds to its M&T Asset Management unit in January of 2001 and rebranded them as Vision Funds.
Shareholders of the funds are expected to vote on the mergers in the annual meeting that is scheduled for August.
The new funds and their predecessor funds will include:
Vision Large Cap Stock Fund from Vision Large Cap Core Fund, ARK Blue Chip Equity Portfolio, ARK Value Equity Portfolio.
Vision Equity Index Fund from ARK Equity Index Portfolio
Vision Equity Income Fund from ARK Equity Income Portfolio
Vision Mid Cap Growth Fund from ARK Mid Cap Equity Portfolio
Vision Small Cap Growth Fund from ARK Small Cap Equity Portfolio
Vision Multi Cap Growth Fund from ARK Capital Growth Portfolio
Vision Balanced Fund from ARK Balanced Portfolio
Vision Income Fund from ARK Income Portfolio
Vision Intermediate-Term Bond Fund from Vision Intermediate Term Bond Fund and ARK Intermediate Fixed Income Portfolio
Vision Short-Term Corporate Bond Fund from ARK Short-Term Bond Portfolio
Vision Maryland Municipal Bond Fund from ARK Maryland Tax Free Portfolio
Vision Pennsylvania Municipal Bond Fund from Vision Pennsylvania Municipal Income Fund and ARK Pennsylvania Tax Free Portfolio
Vision U.S. Government Money Market from ARK U.S. Government Money Market Fund Portfolio and ARK U.S. Government Cash Management Portfolio
Vision Tax Free Money Market Fund from ARK Tax Free Money Market Portfolio and ARK Tax Free Cash Management Portfolio
Vision Pennsylvania Tax Free Money from ARK Pennsylvania Tax-Free Money Market Market Fund Portfolio
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