First Union Corp. and Wachovia Corp. last week announced the formation of the merged banks' capital management group and named heads for that group's asset and wealth management units.

Bill Ennis, CEO of First Union's Evergreen Investments, will head the new asset management unit and Steve Reynolds, Wachovia's former CIO, will head the group's wealth management unit as its CIO. Both units are part of the capital management group.

Ennis will retain his title as CEO of Evergreen Investments but will now be in charge of the bank's combined asset management groups. He will also run the unit's mutual fund business, which will incorporate Wachovia's family of 21 fixed income and equity funds under the Evergreen name, Ennis said.

Prior to joining First Union in 1994, Ennis was managing director of Colonial Group of Mutual Funds.

Steve Reynolds will lead the group's wealth management unit. Prior to the merger, Reynolds was in charge of sales and marketing, product development and equity and fixed-income strategies at Wachovia Asset Management. Prior to joining Wachovia in June of 2000, Reynolds served as managing director of Scudder Kemper Investments and was CIO for the Kemper Equity Funds.

The capital management group will be headed by Don McMullen, a vice chairman with First Union. McMullen was one of 13 committee members appointed to head a strategic group in the bank. The bank announced a total of 105 new appointments. Other capital management group appointments include: Emile Shahadi, CFO; Dennis Ferro, CIO and Danny Ludeman; head of the group's brokerage unit.

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