Advertisement

BRIEFLY

Securities

September 07, 1993|From Times Staff and Wire Reports

Mutual Fund Group Sold: The Pasadena-based Huntington Funds will become part of the giant Franklin/Templeton Group of funds under a deal announced Friday. Franklin will buy the five Huntington funds, which have $160 million in assets, from owner Long Beach Bank for a total of $2.75 million. The Huntington funds are specialized portfolios that invest exclusively in foreign bonds and money market instruments, essentially allowing investors to bet on, or hedge against, foreign currency fluctuations. Franklin's Templeton unit will take over portfolio management at Huntington. The funds' Pasadena office, with 15 employees, is expected to be closed. Franklin is based in San Mateo, Calif.

Advertisement
Los Angeles Times Articles
|
|
|