Evergreen Investments has opened a small cap, growth fund targeted at institutional investors. Patrick O'Brien, Evergreen Institutional's president, said that firm created the Evergreen Small-Mid Cap Growth Fund in a response to market demand from existing and prospective clients. The fund will mimic the firm's existing institutional separate account small-mid cap growth strategy.

Donald Bisson, Director and portfolio manager on the Small/Mid Cap Growth team within Evergreen's Fundamental Equity group, will manage the fund. The fund's benchmark is the Russell 2500 Growth Index.

Evergreen will initially sell the fund exclusively to institutions as Class I Shares that carry a minimum investment of $1 million. It will also cap the total expenses for the fund at 92 basis points for its first year by waive part of its advisory fees.

Evergreen Institutional had more than $144.3 billion in assets under management at the end of September.  

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