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Bank Affiliate Plans New Fund Family

An affiliate of Chevy Chase Bank of Chevy Chase, Md. is starting a new mutual fund family.

ASB Capital Management of Washington D.C., which is owned by Chevy Chase Bank, is starting a family of five funds called the Leland Funds, according to documents filed with the SEC on Sept. 3.

The Leland Funds will include a value equity fund, three bond funds and a money market fund. Chevy Chase Bank sells mutual funds but does not have its own proprietary funds. The Leland funds are to be sold without a load, according to SEC documents.