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September 17, 2003
Wachovia Corporation Ranks Among Top 5 High-net-worth Money Managers
CHARLOTTE, NC - Wachovia Corporation is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the United States. The ranking is based on private banking assets under management, defined as individual clients with accounts of at least $1 million.
Wachovia reported client assets, including clients with Wachovia accounts of at least $1 million, at $160 billion. That includes some assets of Wachovia Securities LLC, the corporation's retail brokerage arm, and Wachovia Wealth Management, the private banking, trust and investment management channel designed to serve wealth clients through a team-based model.
Barron's, the Dow Jones business and financial weekly publication, released the 2003 rankings in its Sept. 15 edition on newsstands this week. The article quotes Dan Prickett, executive vice president and head of Wachovia Wealth Management Investment Delivery Services. "It doesn't matter which door a client walks in -- banking or brokerage," he said. "An entrepreneur may start out with the private-banking arm of the bank he or she uses for business while someone who has made a lot of money while employed may start out at the brokerage. The important thing is to provide an integrated service."
Prickett added, "The fact that Wachovia has two strong channels to serve wealthy clients is powerful. Wachovia is quickly becoming a leader in the high-net-worth business, and now we are being recognized for those efforts."
Wachovia Securities LLC, the third largest broker dealer in the U.S., and Wachovia Wealth Management combined serve clients with more than 12,000 advisors and nearly 900 offices throughout the U.S. Specialties include private banking services; debt solutions; investment management; financial and tax planning; trust and estate planning and administration; charitable services; insurance solutions; retirement and benefits delivered in an integrated manner based on each client's individual needs and preferences. Investment offerings include alternative investments such as private equity funds, hedge funds and exchange funds.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The corporation operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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