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Aquila, Arthur Laffer Create New Funds

Aquila Management Corp. of New York, adviser to the Aquila Group of Funds, has created two new equity funds with economist Arthur B. Laffer.

The Aquila/Laffer S&P 500 Competitive Advantage Fund will include two series - the Cap-Weighted Fund and the Equal-Weighted Fund. Both funds are based on Laffer's proprietary model of choosing from among the large-cap stocks included in the Standard & Poor's 500.

Aquila will be the adviser to the funds, which will offer both A and C share classes and be sold through financial intermediaries. Aquila will retain Laffer Investments of San Diego, Calif., as the sub-adviser to the funds. Aquila has fund assets under management of $3 billion among its seven municipal bond, five money market and two equity mutual funds.

Laffer Investments is a newly-formed investment advisory firm, but is an affiliate of Laffer Associates, a 20-year-old economic and financial consulting firm. Both firms are owned by Arthur Laffer, who served as a member of former President Ronald Reagan's Economic Policy Advisory Board from 1981 to 1988.