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Monday, June 06, 2005

Armada Pledges Allegiant

by: Theresa Sim

The Armada Funds brand will be wiped out as part of a brand overhaul going on at Cleveland, Ohio-based National City, reports the Wall Street Journal. The bank plans to change the Armada Funds to the Allegiant Funds. National City Investment Management will be called Allegiant Asset Management Co., and trust and 401(k)-related services will be called Allegiant Institutional Services.

The name change and consistent image should help the company continue to expand beyond Cleveland and boost institutional assets, Ted Parker, executive vice president of institutional asset management, told the Journal. "Before we had been very Cleveland-centric, and now we have an operating model that leverages these centers of excellence," said Parker, citing the hire of investment management teams in West Palm Beach, Florida; St. Louis, Missouri and Pittsburgh, Pennsylvania.

National City completed the acquisition of St. Louis-based bank Allegiant Bancorp in July of 2004.  

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