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.

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