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Rating:First Union Hires Investment Chief from Scudder Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, June 21, 1999

First Union Hires Investment Chief from Scudder

Reported by Jason Shank

First Union Capital Management has named Dennis H. Ferro, 53, chief investment officer, a new position. Ferro is currently chief executive officer of Scudder Investments (U.K) Ltd., a wholly owned subsidiary of Scudder Kemper Investments and managing director of its institutional asset management business in Europe. He will be joining First Union in July or August, according to the company.

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  • "Over the last five years, First Union's commitment to fee-based businesses such as asset management has been steadfast as we have built a financial services powerhouse," said Don McMullen, executive vice president and head of the Capital Management Group. "That commitment has helped us grow our asset management business significantly and is strengthened today with the addition of Dennis to our leadership team."

    As chief investment officer, Ferro will be responsible for the development and implementation of comprehensive investment policy for all investment areas, including separately managed accounts, institutional portfolios and mutual fund assets. He will report to McMullen.

    "The excellence that Dennis has demonstrated over a wide range of investment disciplines including personal and institutional trust, retail mutual fund management and international business development, adds a broad and versatile perspective to our team," McMullen noted. "His global experience will add to the success that the Capital Management Group has already witnessed as we continue to increase market share."

    Ferro joined Kemper Investments in 1994, and in 1996 Barron's named him as one of the top 100 mutual fund managers. Prior to Kemper, he spent six years at CIGNA Investments, where he was a senior managing director and chief investment officer of its international company. 

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