The $8 billion Enterprise Group of Funds of Atlanta today announced plans to launch its 28th mutual fund, the Enterprise Deep Value Fund.

The fund, which will be introduced in May, will be sub-advised by Wellington Management Company of Boston.

The fund will be the group’s second to be introduced in 2001. It introduced nine new funds in 2000. The fund group’s assets have increased 40-fold in the last decade, said Victor Ugolyn, chairman, president and CEO of the Enterprise Group of Funds.

The Enterprise Group of Funds, which hires well-known institutional managers to sub-advise its funds, is the mutual fund unit of MONY, the financial services and life insurance company of New York.

The new Enterprise Deep Value Fund will invest in highly discounted stocks deemed to be fundamentally strong, the company said.

On Feb. 28, the group launched the Enterprise Mergers and Acquisition Fund, the first mutual fund to blend risk arbitrage with a buy-and-hold strategy in buying companies believed to be acquisition targets. Gabelli Asset Management of Rye, N.Y. is the fund’s sub-adviser.

In July, Enterprise formed a partnership with Rockefeller & Co. of New York to launch the Enterprise Global Socially Responsible Fund.

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