BankBoston, Galaxy Funds Will Merge
February 14, 2000
The mutual fund portion of the merger between Boston's two biggest banks - BankBoston N.A. and Fleet Financial Group - is falling into place.
The Boston 1784 Funds, BankBoston's old fund group, will be merged into Fleet's Galaxy Funds if shareholders approve the proposal at a meeting scheduled for April 28. The new Fleet Boston Corp.'s money management group has proposed integrating the 17 BankBoston funds into the more than 30 funds that make up Fleet's Galaxy Funds group, according to a combined registration and proxy statement the Galaxy Fund filed with the SEC Feb. 7.
The proposed fund merger comes as a result of Fleet's acquisition in October of BankBoston. Fleet Boston has decided to consolidate the investment advisory businesses of the two companies, according to the Feb. 7 filing. If shareholders approve, 10 of the 1784 funds will be merged into existing Galaxy funds. The remaining seven 1784 funds will be reorganized under the Galaxy name but otherwise will remain largely unchanged, according to the SEC filing. The reorganization is expected to take place in May.