In the second deal in as many days, Integrity Mutual Funds said it is adding two more funds to its portfolio. In the most recent deal, it said it would acquire management rights to Forum Financial Group's Maine and New Hampshire Municipal Bond Funds. The two funds have roughly $50 million in assets and should push Integrity to more than $400 million in assets under management.

Completion of the deal is expected in September and requires the approval of shareholders and regulators. Monte Avery, who also manages Integrity's six existing tax-exempt municipal bond funds, will take over as investment manager of the funds.

Yesterday evening, the Minot, North Dakota-based fund firm announced a similar deal through which it will take over $60 million in assets from four equity funds in the Willamette Funds family. That move is part of an effort to bulk up its equity fund business, said Robert Walstad, chairman and CEO of Integrity.

In explaining the second deal, Walstad said that the two funds would help reposition the firm from a regional player in the upper Midwest to a firm with a national focus.

Meanwhile, Forum Financial group said it is making the deal in order to focus on its fund servicing business.

"This move allows Forum to fully focus on its core business of providing comprehensive investment fund services from our operations centers in Maine, Bermuda and Poland," explained John Y. Keffer, Forum's president.  

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