Evergreen Investments of Charlotte, N.C. has added five new share classes to its four institutional money market funds, bringing the total number of share classes it offers on the funds to seven, according to the company.
First Union of Charlotte, Evergreen's parent company, does a wide variety of business with government institutions through its institutional trust and corporate trust departments, such as cash management, wire transfers, and check writing, according to Chad Peterson, a spokesperson for Evergreen. The new share classes charge different distribution fees based on the level of service provided by First Union, he said.
"These new share classes respond directly to our client demands to provide flexible payment and trading options," said Jim Cornelius, national director of money market sales for Evergreen .
Evergreen manages $170 billion in total assets, more than $52 billion of which are in its money market funds, according to the company.