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Wachovia Corporation Emerges as 4th Largest U.S. Wealth Manager Charlotte--Wachovia Corporation is the 4th largest wealth manager in the country, up from 5th place last year, according to the annual Barron's ranking 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 $275 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 2004 rankings in its Oct. 18 edition on newsstands this week. Wachovia moved up a notch from the 2003 rankings to No. 4 this year, following the Wachovia Securities merger with Prudential Securities. Wachovia Securities LLC, the third largest retail brokerage firm based on client assets, , and Wachovia Wealth Management combined serve clients with more than 8,500 advisors and more than 800 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, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders' equity of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com. |
About Wachovia