Spear Financial Enters Mutual-Fund Business

Spear Financial Services Inc., which mainly markets insurance-related investments that carry tax advantages, says it has entered the mutual-fund business.

The Glendale-based concern said its James Mitchell & Co. unit now sells five funds, including stock and bond funds, through Central Fidelity Bank in Richmond, Va. The bank also manages the funds.

Spear said it entered the business to broaden its base of customers, who currently are mostly individuals nearing retirement age.