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Friday, July 14, 2006

Evergreen Has Tall Ambitions

by: Marie Glancy

Increasing distribution through brokerages other than parent Wachovia, hiring industry veterans, investing in global distribution: Evergreen Investments is taking definite steps to achieve a clear, if lofty, goal. CEO Dennis Ferro says his firm has its sights on cracking a top-ten ranking among U.S. asset managers.

But size isn't all that matters, Ferro told the Charlotte Business Journal. Newly hired head of global distribution and former Citigroup executive Peter Cieszko will help with efforts to grow assets, but Evergreen is also keeping an eye on customer service, growth vis-a-vis peers, and profitability.

Wachovia's new open-architecture policy means Evergreen will have to work harder to win Wachovia customers, but Evergreen in its turn is turning to outside brokers like Merrill Lynch and trying to increase distribution through independent advisors, too.

Currently the 28th largest asset manager nationally, Evergreen had $253 billion in AUM and $104 in its mutual funds as of March 31.  

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