Press Releases

First Investment Advisors will be led by Alan R. Adelman, former president and chief executive officer of Analytic TSA Global Asset Management, Inc., which operates offices in Los Angeles and London. Adelman joins First Union as chief investment officer and managing director of First Investment Advisors.

"While we have been extremely successful in delivering financial services to the individual and family wealth market, we recognize that the investment needs of the high net-worth market are growing and we are committed to meeting those needs," said Don McMullen, First Union executive vice president and head of the Capital Management Group. "As part of our commitment, we have made substantial investments in personnel, systems and product expertise. First Investment Advisors will offer personalized asset allocations, an array of portfolio management styles and the highest performance products the market has to offer."

Adelman will be responsible for more than 125 investment professionals who manage more than $26 billion in personal assets. These investment professionals are located in 71 offices throughout First Union's East Coast franchise.

First Investment Advisors employs a disciplined investment approach to portfolio management that emphasizes maximizing after-tax returns for individual investors.

"Our mandate is to serve the needs of individual and family wealth investors by creating an investment management firm that combines First Union's unparalleled access to the best thinking of the professional and academic investment communities worldwide with the proven expertise of our seasoned and accomplished team of portfolio managers and investment research professionals," Adelman said. "First Investment Advisors is committed to providing innovative and responsive investment management solutions to individual investors who require an after-tax approach to achieving investment results."

First Union offers a wide array of sophisticated investment products and services to high net-worth clients, including Personal Estate Strategies, a personal estate planning program which First Union introduced last year. The comprehensive program is designed to help clients protect their assets for future generations and minimize transfer tax risk.

Adelman has been involved in the investment and capital markets field for more than 19 years. As president and CEO of Analytic TSA Global Asset Management, Adelman was recognized for strategically expanding the company's investment capabilities to cover multiple asset classes across global markets.

Prior to joining Analytic TSA, Adelman served as chief investment officer for First Interstate Bank of California. During his tenure, assets under management grew from $600 million to $10.4 billion. He began his investment career at Crocker National Bank in San Francisco.

Adelman will report to Richard Wagoner, chief investment officer and executive vice president in the Capital Management Group.

"Alan brings a new level of capability and sophistication to meet the domestic and global investment needs of our clients," Wagoner said. "We are pleased to offer our clients the benefits of Alan's vast experience, knowledge and skills."

Charlotte-based First Union Corp. is a leading provider of financial products and services to more than 12 million customers nationwide. First Union is the nation's sixth-largest bank holding company with assets of $140 billion as of Dec. 31, 1996.

-- END --