First Unions First Investment Advisors Group has been incorporated into Evergreen Investments. Evergreen is the investment management unit of Wachovia Corp., the product of Wachovias merger with First Union.
The First Investment Advisors Group caters to high-net-worth investors and families, and, as of the end of November, had $40 billion in assets under management, according to Chad Peterson, a spokesman for Evergreen.
The name of the unit has changed to Evergreen Private Asset Management, however there are no personnel changes associated with the transition. Tom Clapp will remain in charge of the unit, which currently has more than 130 portfolio managers and analysts.
"Blending the Private Asset Management group into the Evergreen Investments umbrella will enable the group to leverage Evergreens analytical and portfolio management capabilities to the fullest extent possible," said Dennis Ferro, chief investment officer for Evergreen, in a statement.
The transition is the latest in a series of moves by the company to incorporate all of its asset management businesses into a single entity. In the past year, the firm repositioned First Capital Group, the firms institutional asset management division, and Alternative Investment Group as units of Evergreen.