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CHEMICAL LAUNCHES FAMILY OF BOND AND EQUITY FUNDS

 NEW YORK, Aug. 16 /PRNewswire/ -- Chemical Bank has launched its first family of bond and equity mutual funds, the Hanover Investment Funds. The four new funds supplement the bank's six existing money market mutual funds.
 The new funds are: The Short Term U.S. Government Fund; The U.S. Government Securities Fund; The Blue Chip Growth Fund; and The Small Capitalization Growth Fund.
 "The launch of our bond and equity funds represents a critical step in the evolution of our investment products strategy," said John T. Fogarty, executive vice president in charge of Chemical's Private Banking Group. Mr. Fogarty noted that based on current total assets of over $3 billion, the bank's six money market mutual funds already rank among the top bank-affiliated mutual fund companies in the United States. "Clearly we hope to build on our earlier success," he said.
 "With one in four American families now owning mutual funds, and total industry assets of $1.6 trillion, mutual funds have clearly emerged as the investment vehicle of choice for many investors. Consumer investment patterns are shifting dramatically; as more and more `savers' become `investors,' the Hanover Investment Funds enable us to meet the needs and preferences of our client base," he added.
 The Hanover Investment Funds are advised by Chemical Bank affiliates:
 -- The Portfolio Group, Inc., New York, manages the U.S. Government Securities Fund and the Blue Chip Growth Fund;
 -- Texas Commerce Investment Management Company, Houston, manages the Short Term U.S. Government Fund;
 -- Princeton Bank and Trust Company, East Brunswick, N.J., manages the Small Capitalization Growth Fund.
 The funds are distributed by Hanover Funds Distributor, Inc.
 The Hanover Investment Funds are available on a no-load basis to clients involved in investment programs including IRAs and 401(k)s, and on a load basis to brokerage clients. Investments in the funds are not bank obligations and are not backed or guaranteed by any bank, nor are they government-guaranteed or FDIC-insured.
 -- The Short Term U.S. Government Fund invests primarily in shorter- term securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
 -- The U.S. Government Securities Fund invest primarily in U.S. Government securities of varying maturities.
 -- The Blue Chip Growth Fund seeks capital appreciation by investing in equity securities of large, well-established companies.
 -- The Small Capitalization Growth Fund seeks capital appreciation by investing primarily in common stocks of smaller companies.
 -0- 8/16/93
 /CONTACT: Ken Herz of Chemical Bank, 212-270-4621/
 (CHL)


CO: Chemical Bank ST: New York IN: FIN SU: PDT

LG-OS -- NYM005 -- 2899 08/16/93 09:00 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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