Is a sale in the works for Wachovia's
mutual fund arm? Sanford C. Bernstein & Co.
analyst Brad Hintz
and RBC Capital Markets
analyst Gerard Cassidy
both say Evergreen Investments
and/or Wachovia Securities
could be among the businesses new CEO Robert Steel
may sell, Bloomberg
Wachovia, however, said its brokerage arm isn't on the block, Bloomberg reports.
reported earlier this month that due to current market conditions Wachovia could be considering selling Evergreen. ( see "I-Bankers See Battered Banks Selling off Asset Management Businesses"
, MFWire, July, 2, 2008).
Wachovia posted a $8.9 billion loss in the second quarter. According to Pensions & Investments numbers
, Evergreen was the 36th-largest investment manager in the world in 2007. As of June 30, Evergreen employed 1,032 people and managed $246 billion in AUM. The Boston-based investment manager has 93 mutual funds.
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