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Wachovia Wealth Management Creates Legal Specialty Group to Serve Attorneys and Law Firms Washington, D.C. – Wachovia Wealth Management announced today the creation of a new Legal Specialty Group to serve the complex financial needs of law firms and attorneys. More than half of the nation’s largest law firms are headquartered in Wachovia’s markets, primarily concentrated in Washington, D.C., New York City, Philadelphia, Miami, Atlanta and Charlotte. Wachovia has more than 50 Wealth Management Relationship Managers who have established books of business serving attorneys and law firms. Peter Haugh, an 11-year veteran of the financial services industry, has joined Wachovia as senior vice president and managing director for the Legal Specialty Group in the Mid-Atlantic Region. Based in Washington, D.C., Haugh will also play a leadership role in developing Wachovia’s strategy for serving the legal segment across the corporation. He joins Wachovia from the CitiGroup Private Bank, where he was director of the Law Firm Group Private Banking for the Mid-Atlantic and Southeastern regions. He received a bachelor’s degree from Muhlenberg College, is a Certified Investment Management Consultant (CIMC) and holds NASD Series 7 and 24 licenses. Wachovia announced the new group Saturday in Charlotte at the annual convention of the National Bar Association, the nation’s oldest and largest U.S. association of predominantly African American lawyers and judges. The NBA represents a professional network of more than 20,000 lawyers, judges, educators and law students. Wachovia Wealth Management currently serves more than 500 law firms and has relationships with nearly 3,000 attorneys. “This is a growing market and one that needs the full attention of highly credentialed professionals who are dedicated to serving the legal community,” said Stan Kelly, president of Wachovia Wealth Management. “With the increasing complexity of their business, law firms and attorneys have unique needs that require custom solutions.” For law firms, Wachovia provides financial expertise in corporate and investment banking; corporate trust; class action, bankruptcy and litigation services; cash management; international banking; employee benefits; group health insurance; property and casualty insurance; and asset management. For attorneys, Wachovia offers integrated wealth management services including customized lending; banking; brokerage and asset management services; financial, estate and tax planning; trust services; and life, disability, long-term care, property and casualty insurance. The Legal Specialty Group is part of Wachovia Wealth Management’s overall segmentation strategy, led by Deborah Shore, to focus on professionals, business owners, corporate executives, emerging markets and those with inherited wealth. Shore, director of market segmentation, noted that the group is developing new services, including a new partner loan program. “This is an important market segment for Wachovia, and we plan to provide the resources necessary for world class service,” she said. “We also are implementing a formalized training program to further develop the expertise of our legal specialty relationship managers, and we began targeted advertising in July to highlight the strengths and services of our new Legal Specialty Group.” Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron's 2003 rankings of top Wealth Managers in the U.S., based on assets of $160 billion (which includes clients with Wachovia accounts of at least $1 million). Wachovia 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 $418.4 billion, market capitalization of $58.3 billion and stockholders’ equity of $32.6 billion at June 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 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com. Photos of Deborah Shore and Peter Haugh are also available. Please contact Vince Scanlon at vince.scanlon@wachovia.com or (336) 732-6387. |
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