Evergreen Investments, the asset management arm of Wachovia Corp., announced today that Walter McCormick is returning to the firm as a managing director and head of Evergreen's newly formed value equity team.
The position is newly created, as this is the first time that the value group has aligned the portfolios within the small-, mid- and large-cap strategies under the leadership of one individual, said Chap Peterson, a spokesman for Evergreen. The value equity team, which includes 19 investment professionals, oversees a total of $7.4 billion in assets under management for retail and institutional clients.
In addition to his role as head of the value equity team, McCormick will serve as lead portfolio manager for the Evergreen Value Fund and the Evergreen Growth & Income Fund.
McCormick returns to Wachovia after leaving the firm in 1998. He was most recently with David Babson and Co., where he was head of the firm's large capitalization team. Before that, McCormick was with mutual fund firm Keystone Investments, which was acquired by Wachovia in 1996. At Keystone, where McKormick was for 14 years, he led the core equity team and managed several portfolios, including the Keystone Balanced Fund. In that time, he hired several analysts who are still with Wachovia, Peterson said.