SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the Appropriate Box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only
(as permitted by Rule 14a-6(e)(2)) [ ]
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[x] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
Evergreen Select Equity Trust
(Name of Registrant as Specified in Its Charter)
Evergreen Select Equity Trust
-----------------------------
(Name of Person Filing Proxy Statement, if Other Than the Registrant)
Payment of filing fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the
amount on which the filing fee is calculated and state how it
was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
[ ] Fee paid previously with preliminary material
[ ] Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
-------------------------
(2) Form, Schedule or Registration Statement No.:
---
(3) Filing Party:
-----------------------------------
(4) Date Filed:
-------------------------------------
<PAGE>
First Union Corporation
Corporate Relations Division
NC0570
301 South College Street - 27th Floor
Charlotte, North Carolina 28288-0206
Fax 704 374-4464
(First Union logo)
Contact:
Betsy Weinberger
First Union Corp.
704-715-4539
For Release: September 18, 2000
First Union and Portfolio Manager and Team Form New Venture
Minority-Owned Investment Firm Created to Serve Institutional Market
CHARLOTTE--First Union Corp.'s (NYSE:FTU) Capital Management Group
(CMG), the company's successful asset management unit, and Stephen Dalton, a
money manager with the firm, have announced the formation of a new institutional
investment management firm -- a minority-owned business venture with strong
financial stability and an excellent track record of investment management
expertise.
The new venture, called ForeFront Capital Advisors LLC, will be
majority owned by Dalton and based in Philadelphia. ForeFront Capital's mission
will be to provide large capitalization equity management expertise to
institutional investors. Subject to any required approvals from account holders
and mutual fund shareholders, ForeFront will become advisor or sub-advisor to
approximately $1.4 billion in assets, including the large-cap Evergreen Select
Secular Growth Fund and several private portfolios using Dalton's
growth-oriented discipline.
Dalton, together with his associates, will hold a 60 percent majority
ownership in ForeFront Capital, and First Union will invest $1 million for a 40
percent equity stake in the new firm. First Union will be represented on
ForeFront's five-member board by Dennis Ferro, chief investment officer of CMG's
First Capital Group, and Richard Gershen, chief operating officer of First
Capital Group.
"I've always wanted to form an independent, minority-owned investment
firm, and teaming up with First Union is a winning business opportunity," said
Dalton. "ForeFront Capital has a distinct competitive advantage because it will
be one of the few minority-owned investment firms that combines strong financial
stability with an excellent long-term track record in large-cap growth
investing."
One primary focus of the new firm will be money management
opportunities with state and municipal governments as well as corporations that
have an increasing desire to hire minority-owned investment firms.
"This venture achieves many strategic business objectives and further
demonstrates First Union's commitment to excellence and diversity," said Don
McMullen, First Union's vice chairman who heads up Capital Management Group. "We
are delighted to have forged this unique relationship with Steve so that our
clients can continue to receive the quality investment management service that
Steve has delivered over the years."
Dalton has more than 17 years of investment management experience and
research expertise covering the health care, technology, retail, media and
entertainment industries. Prior to joining First Union, he was a managing
director, head of equity services and the lead senior portfolio manager at
CoreStates Investment Advisors, which was acquired by First Union in 1998.
Dalton's current investment management team will join him at ForeFront
Capital. They include investment professionals Linora Lawrence and Barbara
Lindtner, who have 28 years of combined experience. Dalton also plans to hire
additional research analytical expertise as well as trading, compliance and
operational support.
"I'm especially pleased my team is joining me in this exciting venture,
as they have been instrumental in generating our outstanding long-term track
record," said Dalton, who expects the firm to be profitable soon after beginning
operations in November.
"We value Steve's talents and money management expertise. First Union
is proud to support his new venture," said Dennis Ferro, First Capital's chief
investment officer.
First Union's Capital Management Group includes First Union's asset
management and investment services, providing a full array of unique, integrated
financial products and services to individual and institutional investors. CMG
businesses include the sixth largest-broker, largest bank annuity provider,
fourth largest discretionary personal trust asset manager, and a top twenty
mutual fund company.
First Union (NYSE:FTU), with $258 billion in assets and stockholders'
equity of $14 billion at June 30, 2000, is a leading provider of financial
services to 15 million retail and corporate customers throughout the East Coast
and the nation. The company operates full-service banking offices in 12 East
Coast states and Washington, D.C., and full-service brokerage offices in 44
states and international offices worldwide. Online banking products and services
can be accessed through www.firstunion.com.
-------------------------------------------------------------------------------
The fund has filed a preliminary proxy statement with the SEC. The proxy
statement and other relevant documents are available for free from the SEC's
website at www.sec.gov. Shareholders of the Fund are urged to read the proxy
statement once it becomes available as it contains important information.
