As we enter the "dog days" of summer there has been no slowdown in the announcements of new funds. Among the new openings are funds from Key, Alleghany, Nations Funds, and AIM. Alpha Analytics expands distribution by joining Schwab OneSource and Invesco closes a fund.

Key Asset Management, which is best known as a value-shop, is the latest to jump on the bandwagon of firms trying to attract the new breed of tech investors. The bank fund complex has added the Victory Nasdaq-100 Index Fund to its Victory funds family. Obviously aware of the discrepency between the Nasdaq-100 and the Victory funds reputation, Rick Buoncore, president & chief executive officer of Key Asset Management explained that although the fund will be the firm's most aggressive it does fit its in the family.

He explained that the index includes well-known companies from outside of tech such as Worldcom, PacifiCare Health Systems and Bed Bath & Beyond. "Key Asset Management attempts to use responsible risk to deliver remarkable returns, which is why this fund fits our style," he explained. Of course, since it is an index fund Key will not have to change its research bent.

Alleghany is offering a new institutional class of shares for its Alleghany/Chicago Trust Growth & Income Fund and Alleghany/Chicago Trust Bond Fund. The new I shares are intended for instutitional investors, said Kenneth C. Anderson, Alleghany Funds' president. Anderson anticipates that the share class will be used by investment advisors, retirement and employee benefit plans, foundations, endowments, corporations and unions.

The minimum investment in Alleghany/Chicago Trust Growth & Income Fund is $5 million, with an annual expense ratio of 0.85%. For Alleghany/Chicago Trust Bond Fund, the minimum investment is $2 million, with an expense ratio of 0.49%. There are no sales charges, redemption or exchange fees.

There are four other Alleghany Funds offering institutional class shares: Montag & Caldwell Growth Fund "I", Montag & Caldwell Balanced Fund "I", Alleghany/Blairlogie International Developed Fund "I" and Alleghany/Blairlogie Emerging Markets Fund "I".

A I M Advisors announced that it is opening the AIM Large Cap Basic Value Fund to all investors. The fund had been in "limited distribution" since June 30, 1999. Portfolio managers for the value, large-cap fund are Bret Stanley and Matt Seinsheimer.

The Nations Funds is leveraging its tie to Marsico funds by adding the Nations Marsico International Opportunities Fund to its $90 billion mutual fund family. The fund is advised by Banc of America Advisors, Inc. and subadvised by Marsico Capital Management, LLC. Jim Gendelman manages the fund which is distributed by Stephens Inc.

Last month Bank of America, owner of the Nations Funds, announced that it would purchase the shares of shares of Marsico that it did not already own.

Alpha Analytics has added its family of mutual funds to Schwab's Mutual Fund OneSource, says John Gipson, vice president of Los Angeles-based Alpha Analytics. The funds being added to the supermarket include: Alpha Analytics Value Fund and the Alpha Analytics Digital Future Fund. "Investors can now easily find and invest in our funds," says Gipson, who is based in the company's Silver Spring, Maryland office.

The one company fighting the trend and taking an offering away from new investors is Denver-based Invesco. The fund company announced that it will close its Small Company Growth Fund to new investors effective August 31. The fund has grown to $1.4 billion at the end of June from $876 million at the start of the year.

"Controlling asset size is important to the ongoing success of the fund because of the limited investment universe of stocks available in this asset class," explained Mark Williamson Invesco's chairman and chief executive. 

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