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Monday, June 21, 2004 By Accident or Design, Wachovia Picks Up $2 Billion More of Fund Assets Wachovia and SouthTrust announced Monday morning that they are following the trend of bank mega-mergers. The combination of the two will keep Wachovia in place as the nation's fourth largest bank and 18th largest fund family. SouthTrust managed $2 billion in mutual funds at year's end, while Wachovia managed $104 billion.
SouthTrust Funds, SouthTrust's proprietary mutual fund family, encompasses eight funds, including two offered by Federated. Wachovia Securities offers more than 100 funds through subsidiaries, including Evergreen Investments. Charlotte, North Carolina-based Wachovia manages $251 billion in assets, compared to SouthTrust's $10 billion, according to SouthTrust executives. Wachovia is touting the deal as a strategic move into quickly growing Southeastern metropolitan statistical areas. SouthTrust is headquartered in Birmingham, Alabama and will take on Wachovia's brand. Wallace Malone, chairman and chief executive officer of SouthTrust, will serve as vice chairman of Wachovia. Malone said in a Monday morning conference call that he expects to retire "in the not too distant future." The deal is expected to close in the fourth quarter. Printed from: MFWire.com/story.asp?s=7446 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |