First Union Corp. of Charlotte, N.C. has formed a partnership with Stephen Dalton, current manager of the Evergreen Select Secular Growth Fund, to form ForeFront Capital Advisors, a minority-owned institutional money management firm that will be based in Philadelphia.

First Union's Capital Management Group, the financial services unit that provides asset management, insurance and brokerage services, will invest $1 million and will become a 40 percent owner of the new firm which is scheduled to begin doing business in November.

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