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.

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