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ST. CLAIR MUTUAL FUNDS MERGE WITH AMBASSADOR FUNDS

 DETROIT, Nov. 23 ~PRNewswire~ -- Comerica Bank has merged its St. Clair family of mutual funds with its Ambassador family of mutual funds. The decision to merge the funds resulted from the merger earlier this year of Comerica Incorporated (NYSE: CMA) and Manufacturers National Corporation. The funds will retain the Ambassador name.
 The merger also resulted in the establishment of a new class of shares that will allow the Ambassador Funds to be sold to Comerica's non-trust customers, beginning today, through the bank's full-service brokerage subsidiary, Comerica Investment Services. Previously only trust customers could invest in the Ambassador Funds.
 "The merger of these funds will offer investors a broader array of funds and will result in more efficient operations, including the elimination of redundant portfolios and the costs associated with maintaining those redundant portfolios," said Marion Hawkins, first vice president and manager of Comerica's mutual funds.
 Investors will be able to select from 11 Ambassador portfolios totaling $1.7 billion, which feature three money market funds; three bond funds (including a tax-free intermediate bond fund), and five equity funds (including an international stock fund and an indexed fund). The Ambassador Small Company Fund and the Ambassador Growth Stock Fund ranked first and fifth, respectively, in a survey of the top-performing bank-sponsored mutual funds for the third quarter of 1992 compiled with CDA~Wiesenberger data.
 Woodbridge Capital Management, an investment subsidiary formed through the merger of Comerica Capital Management and Manufacturers Bank's Trust-Investment Department, will serve as investment adviser to the Ambassador Funds.
 -0- 11~23~92
 ~CONTACT: Kathy Pitton of Comerica, 313-222-4916~
 (CMA)


CO: Comerica Incorporated ST: Michigan IN: FIN SU: TNM

SB -- DE017 -- 0419 11~23~92 10:56 EST
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Publication:PR Newswire
Date:Nov 23, 1992
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