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Montgomery Asset Management said today that it has launched a new mutual fund devoted to investing in companies that provide alternative energy sources.

The product, known as the New Power Fund, will invest in energy, utilities and technology stocks, focusing on those that innovate new ways to provide fuel and electricity.

Glen Hilton, who will manage the portfolio, said the business climate for such companies is improving through deregulation, environmental concerns and technological advances such as those in solar, geothermal, wind and biomass research.

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