Over the past several years, First Union has made a major commitment to fee- income generating services such as mutual funds, insurance, brokerage, investment management, personal trust and private banking. The company has now hired a proven expert to take its institutional and corporate trust business to the next level.
In his new role, Fluhme is responsible for business management and service delivery to the company's growing employee benefit and corporate trust client base. In addition, he manages the securities operations of the Capital Management Group's trust businesses.
"The Capital Management Group (CMG) is a major contributor of fee-income for First Union and we continue to play a strategic role in the company's evolution as a full financial services provider," said Don McMullen, First Union executive vice president and head of the Capital Management Group. "Darryl is an outstanding addition to the CMG team. His long-standing track record, quality-focus and leadership skills will enable us to expand and cultivate the institutional trust business."
Fluhme served as executive vice president and chief operations officer of Mellon Trust's worldwide securities processing. As chief operations officer, he managed Mellon's trust custody operations staff and was responsible for servicing over $1.1 trillion in assets under custody or administration. He is also well known in the industry from building Mellon's Master Trust business line and broad-reaching institutional custody and trust outsourcing businesses.
"I see tremendous potential for growth and continued success at First Union and I look forward to leveraging my industry knowledge across First Union's franchise," said Fluhme. "I've worked with Don in the past and respect his leadership style and ability to build teamwork and foster camaraderie among professionals. He's already done a superb job of establishing an entrepreneurial spirit within CMG and poising the group for success."
As First Union continues to strengthen its focus on serving the financial needs of middle-market companies throughout the East Coast, the company expects 401K, pension and corporate trust services to play an increasingly important role in its ability to provide comprehensive service.
First Union's Capital Management Group currenly has approximately $160 billion in assets under care. First Union Corporation is a full financial services provider with approximately $137 billion in assets. The nation's sixth-largest bank holding company, First Union serves 12 million retail and corporate clients throughout the East Coast and the nation.
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