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Rating:Mentor and Evergreen Funds To Merge Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, March 25, 1999

Mentor and Evergreen Funds To Merge

Reported by Jason Shank

First Union Corporation (NYSE: FTU) and EVEREN Capital Corporation (NYSE: EVR) will form an asset management joint venture that would combine the Evergreen mutual fund complex with the Mentor Investment Group.

The new Evergreen venture, which will have $70 billion under management, will be 95% owned by First Union, who will contribute its ownership interests in Evergreen and Mentor, and 5% owned by EVEREN, who will contribute its ownership interest in Mentor. EVEREN has an option to increase its stake in the new company, depending on its future contribution to revenues.

"Through this partnership with EVEREN, we are building a complementary asset management company and creating a well-rounded mutual fund and institutional organization," said Don McMullen, First Union executive vice president and head of the Capital Management Group. "This affirms First Union's commitment to strategically growing its capital management business and offering customers a wide array of financial services to meet their changing needs." 

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