has merged its retail mutual fund and institutional asset management units under the Evergreen Investments brand. The bank is also combining its First Capital Group institutional investment group with the Evergreen Investments organization. Altogether, the unit will manage $120 billion in assets.
First Capital Group will operate under the new name of Evergreen Institutional Asset Management. It also said that Patrick O'Brien
has joined the institutional as president from Banc One Investment Advisors where he was senior managing director of the Institutional Investment Services group.
His position is newly created and reports to Bill Ennis
, president and chief executive officer of Evergreen Investment Company, who has assumed responsibility of global asset management distribution for institutional, high net worth and retail products.
O'Brien will be responsible for managing the institutional sales initiative, focusing on building new distribution strategies.
"Joining our retail and institutional investment units together under the name of Evergreen Investments provides a unifying theme that highlights and reinforces our total commitment to excellence in all realms of investment management," said Dennis Ferro
, president and chief investment officer of Evergreen Investment Management Company. "While this name change does not alter our current institutional investment disciplines and services, we believe it facilitates our broader strategy of leveraging resources to deliver superior products from all our investment platforms."
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