The money management unit of
In addition, David Germany has been appointed chief investment officer (CIO) of Evergreen Investments. Germany is highly experienced as he comes from
Over the past year, Evergreen has faced multiple financial issues, The Wall Street Journal reports. Wachovia had to purchase asset-backed securities to aid the firm, costing it $40 million. Furthermore, the bond fund Evergreen Ultra Short Opportunities Fund was liquidated last month as the credit crisis continued to affect the company. In addition, Wachovia has had its own top-level issues as it continues to have huge losses and document write-offs. These issues prompted the firing of the banks chief executive G. Kennedy Thompson last month.
Investors have also redeemed $10 billion of their holdings in Evergreen mutual funds since the start of last year. Cieszko said the reason for this is Wachovias wealth management usage of non-Evergreen funds, since Evergreen funds are not deemed top class. Cieszko plans to change this, in addition to continuing Ferros aggressive strategy for aggressive growth in assets at Evergreen.