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First Union Combines Divisions

First Union of Charlotte, N.C. combined its institutional investment group, First Capital Group, with Evergreen Investments, also of Charlotte, and changed its name to Evergreen Institutional Asset Management Dec. 1. The action combined the retail mutual fund and institutional asset management divisions of First Union under a single name, according to Chad Peterson, spokesperson for Evergreen Institutional Asset Management.

First Capital Group, an institutional asset management company, will now operate under the Evergreen name, Peterson said. First Capital is the investment adviser to several Evergreen mutual funds and a variety of separately-managed accounts. Evergreen Institutional Asset Management had previously focused exclusively on retail asset management, according to Peterson.

Patrick O'Brien, formerly senior managing director at Banc One Investment Advisors, was named president of the Evergreen Institutional Group, a newly-created position at Evergreen. O'Brien will manage institutional sales and focus on building new distribution strategies. He will report to Bill Ennis, president and CEO of Evergreen Investment Company, according to Evergreen.