ROCKY MOUNT, N.C., May 26 /PRNewswire/ -- Centura Bank (NYSE: CBC)
launched a new fixed income mutual fund this month named the Centura Quality
Income Fund. The Fund is managed to provide current income and capital
appreciation to investors by investing primarily 65% in obligations of the
U.S. Government and its agencies, corporate bonds, and mortgage-backed
securities. The remaining 35% may invest in other types of securities,
including preferred stocks, real estate investment trusts, taxable municipal
obligations and money market instruments. "At least 70% of the Fund's
securities will be rated A or better by Moody's or Standard & Poors and up to
30% may be rated BBB or Baa by Moody's*," stated Jeff Hines, president and
lead fixed income portfolio manager from Sovereign Advisers, the sub-adviser
for the Fund.
Although Centura Bank provides management supervision for the Centura
Quality Income Fund, Sovereign Advisers, a registered investment adviser
located in Charlotte, NC, provides the day-to-day management of the portfolio.
Sovereign Advisers specializes in managing portfolios in fixed income for
institutional and individual clients alike. "The alliance between Centura and
Sovereign Advisers, will allow us to provide a quality fixed income mutual
fund by combining the expertise of both Sovereign Advisers and Centura Asset
Management," said Mike Allen, the Asset Management Group Executive at Centura
Bank. "We are impressed with their management philosophy, investment process
and client focus and believe we have a strong partner in Sovereign."
The introduction of the Centura Quality Income Fund rounds out the Centura
Fund Family to seven funds -- three equity, three fixed income and a money
market fund. The Centura Funds are currently sold through Centura Bank's
brokerage and trust units. For more information on the Centura Funds
including expenses, fees and other ongoing charges, please call 1-800-44-CENTU
for a copy of the most recent prospectus. Please read the prospectus
carefully before investing or sending money.
With assets of $8.7 billion, Centura provides a complete line of banking,
investment, insurance, leasing and trust services to individuals and
businesses in North Carolina, South Carolina and Virginia. Centura's broad
range of financial services are provided through a variety of delivery
channels, including 225 full-service financial offices; more than 330 ATMs at
financial offices, Wal-Mart stores and Sam's outlets; the Centura Highway
telephone banking center; Centura's Internet site; and through leading online
money management packages. Additional information may be found on Centura's
website at http://www.centura.com .
Established in 1979, Sovereign Advisers is a registered investment advisor
based in Charlotte, North Carolina, the finance and banking capital of the
rapidly growing Southeastern United States. Their investment managers have
combined experience of over fifty years and are successfully managing over
$700 million for individuals, institutions, endowments and foundations.
*Portfolio composition subject to change. The Fund may invest in foreign
securities which involve increased risk and volatility. Mutual funds are not
FDIC insured, have no bank guarantee and may lose value. For more information
on other Centura Funds including expenses, fees and other ongoing charges,
please call 1-800-44-CENTU for a copy of the most recent prospectus. Please
read the prospectus carefully before investing or sending money.
Centura Funds Distributor, Inc. (5/99)
SOURCE Centura Banks Inc.
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Related links:
http://www.centura.com
Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Mike Allen, Asset Management Group Executive
of Centura Bank, 252-454-4056, or fax, 252-454-4446
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