A mutual fund that invests in Utah is shifting its day-to-day management duties from one Salt Lake bank to another.

Shareholders and trustees of the Aquila Tax-Free Fund for Utah, a $32 million municipal bond mutual fund, have approved a new sub-advisory agreement that will move management duties to Zions First National Bank from First Security Investment Management.Christopher P. Foley, an assistant vice president at Zions, will manage the fund.

"We determined that the changeover to Zions would be in the best interests of the shareholders for several important reasons," said Lacy B. Herrmann, chairman of the fund's board of trustees.

Herrmann said those reasons include the fact that Zions is one of the largest underwriters of state and local government bond issues of the type contained in the portfolio and, unlike First Security, Zions does not manage any mutual funds of its own.