"This partnership with ECM— which further demonstrates Wachovia's commitment to the asset management business— is in line with our strategic plan to build additional expertise in asset management by strengthening Evergreen's investment offerings and global distribution platform," said David Carroll, head of Wachovia's Capital Management Group.
Dennis Ferro, Evergreen president and CEO added, "Leveraging ECM's unparalleled understanding of the European credit markets will enable Evergreen to deliver portable alpha and customized portfolio management to institutional clients, while providing ECM access to Evergreen's comprehensive distribution network and marketing and sales support in the U.S. We are delighted to welcome the ECM team to the Evergreen family."
The combined organization has approximately $300 billion (230 billion euros) in assets under management. With a distribution network in nine countries and client relationships in 40 countries, the firm serves more than 2,400 institutional clients and 3 million individual shareholders.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 742 offices in 49 states and nine service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at Evergreeninvestments.com. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.
About Evergreen
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE: WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than three million individual and institutional investors through a broad range of investment products. Led by 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. As of December 31, 2006, prior to the acquisition close, Evergreen Investments managed approximately $273 billion (210 billion euros) in assets. Please visit EvergreenInvestments.com for more information about Evergreen Investments.
About ECM
Founded in 1999 at the inception of European Monetary Union and in anticipation of the rapid development of the Euro denominated credit markets, European Credit Management has 20 billion euros in assets under management, invested in European corporate bonds, bank capital, European emerging markets and asset-backed securities, as well as leveraged loans.
Based in London and authorized by the FSA, it has a rating of AM2 from Fitch Ratings. For the last three consecutive years, it was been the winner of Global Investor's Award for Investment Excellence as 'European Bond Manager' / 'European Fixed Active' Manager. At year end April 30, 2006, ECM reported revenues of 63.4 million pounds Sterling ($126.9 million) and post-tax earnings of 17.2 million pounds ($37.4 million).
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