Nations Funds is joining the ranks of fund advisors trimming back on its product line. The unit of Bank of America will merge two value funds into a third and close three other funds all together, according to a filing with the SEC.

The decision to merge the value funds may signal a new phase in the consolidation of the fund industry. For the past three years value funds have been one of the few areas of growth on the equity side of the business.

The bank fund family will merge two funds -- the $324 million Classic Value and the $69 million Large Cap Value Fund -- its $500 million Value fund.

It is also planning to liquidate three funds that hold a combined total of less than $30 million in assets. Those funds are its Research, Financial Services and Emerging Markets funds. 

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