Times Staff and Wire Reports

Bass Group Creates Investment Fund: Keystone Inc. and Oak Hill Partners Inc. of Lyme, N.H., said they are forming a $1.75-billion investment fund to invest in high-yield securities, bank loans, securities of struggling companies and other instruments. Keystone is run by Texas investor Robert Bass. Chase Manhattan Corp. and Wells Fargo & Co. arranged a $1.2-billion credit line for the fund. The banks have set up a syndicate of 19 banks to finance the credit line. The new firm will be known as Oak Hill Securities Fund. Keystone last month sold Irvine-based American Savings Bank to Washington Mutual Inc. for $1.2 billion.

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