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First Union's Capital Management Group Prepares for Continued Growth; Names Dennis Ferro Chief Investment Officer CHARLOTTE-Preparing for continued growth in its asset management business, First Union's Capital Management Group has named Dennis H. Ferro, 53, chief investment officer. Ferro is currently chief executive officer of Scudder Investments (U.K) Ltd., a wholly owned subsidiary of Scudder Kemper Investments and managing director of its institutional asset management business in Europe. "Over the last five years, First Union's commitment to fee-based businesses such as asset management has been steadfast as we have built a financial services powerhouse," said Don McMullen, executive vice president and head of the Capital Management Group. "That commitment has helped us grow our asset management business significantly and is strengthened today with the addition of Dennis to our leadership team." As chief investment officer, Ferro will be responsible for the development and implementation of comprehensive investment policy for all investment areas, including separately managed accounts, institutional portfolios and mutual fund assets. He will report to Don McMullen. "The excellence that Dennis has demonstrated over a wide range of investment disciplines including personal and institutional trust, retail mutual fund management and international business development, adds a broad and versatile perspective to our team," McMullen noted. "His global experience will add to the success that the Capital Management Group has already witnessed as we continue to increase market share." Ferro said that he was attracted to First Union's Capital Management Group's "bright prospects for growth, fueled by exceptional investment professionals and a broad array of investment products and services." Ferro joined Kemper Investments in 1994, and in 1996 Barron's named him as one of the top 100 mutual fund managers. Prior to Kemper, he spent six years at CIGNA Investments, where he was a senior managing director and chief investment officer of its international company. Ferro started his career with Bankers Trust Company where he spent 18 years in both private client and institutional asset management. During this period, he served as president of Bankers Trust of Florida, N.A. and later as president of Japan Bankers Trust, Ltd. He earned a BA from Villanova University in Pennsylvania, and a MBA in finance from St. Johns University as well as two bronze stars while serving in the US Army in Vietnam. He is a Chartered Financial Analyst. First Union (NYSE:FTU) is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At March 31, 1999, First Union had assets of $223 billion and total stockholders' equity of $16 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. |
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