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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