Ivy Management opens new blue chip fund

Ivy Management, a mutual fund investment adviser, has introduced the Ivy US Blue Chip Fund. The funds will be distributed by Ivy Mackenzie Distributors of Boca Raton. The fund will be managed by Paul Baran, who previously was chief investment officer for Central Fidelity National Bank in Richmond. Baran said the fund's objective is long-term capital growth, and it will invest 65% of its assets in blue-chip stocks.