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Rating:Will Steel Put Evergreen on the Block? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 28, 2008

Will Steel Put Evergreen on the Block?

by: Erin Kello

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 reports.

Wachovia, however, said its brokerage arm isn't on the block, Bloomberg reports.

The MFWire 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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