Evergreen Investments Completes Acquisition of European Credit Management
February 1, 2007 |
Press Release |
BOSTON – Evergreen Investments, the asset management division of Wachovia Corp. (NYSE:WB), today announced it has completed the acquisition of a majority interest in privately held European Credit Management Ltd. (ECM), a London-based fixed income investment management firm with approximately $26 billion (€20 billion) in assets under management.
“This partnership with ECM—which further demonstrates Wachovia’s commitment to the asset management business—is in line with our strategic plan to build additional expertise in asset management by strengthening Evergreen’s investment offerings and global distribution platform,” said David Carroll, head of Wachovia’s Capital Management Group.
Dennis Ferro, Evergreen president and CEO added, “Leveraging ECM’s unparalleled understanding of the European credit markets will enable Evergreen to deliver portable alpha and customized portfolio management to institutional clients, while providing ECM access to Evergreen’s comprehensive distribution network and marketing and sales support in the U.S. We are delighted to welcome the ECM team to the Evergreen family.”
The combined organization has approximately $300 billion (€230 billion) in assets under management. With a distribution network in nine countries and client relationships in 40 countries, the firm serves more than 2,400 institutional clients and 3 million individual shareholders.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified
financial services companies, providing a broad range of retail banking and
brokerage, asset and wealth management, and corporate and investment banking
products and services. Including the Golden West merger, which closed on
October 1, 2006, Wachovia has retail and commercial banking operations in 21
states with 3,400 retail banking offices from Connecticut to Florida and west
to Texas and California. In addition, two core businesses operate under the
Wachovia Securities brand name: retail brokerage with 737 offices in 49 states
and with affiliate offices in Latin America, and corporate and investment
banking in selected industries nationwide. Other nationwide businesses include
mortgage lending in 39 states and auto finance covering 46 states. Globally,
Wachovia serves clients through more than 40 international offices. Online
banking is available at wachovia.com; online brokerage products and services at
wachoviasec.com, and investment products and services at
evergreeninvestments.com. At September 30, 2006, Wachovia had assets of $559.9
billion (€423 billion) and market capitalization of $88.2 billion. On the same
date, based on pro forma data, Wachovia’s combined assets were $706 billion and
combined market capitalization was $107 billion.
About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation
(NYSE:WB) conducts its investment management business. Wachovia Global Asset
Management is the brand name under which Evergreen Investments conducts sales
and distribution business outside of the United States. Combined, the groups
serve more than three million individual and institutional investors through a
broad range of investment products. Led by 300 investment professionals,
Evergreen Investments strives to meet client investment objectives through
disciplined, team-based asset management. Evergreen Investments manages $258
billion (€195 billion) in assets (as of September 30, 2006).
About ECM
Founded in 1999 at the inception of European Monetary Union and in
anticipation of the rapid development of the Euro denominated credit markets,
European Credit Management has €20.0 billion in assets under management,
invested in European corporate bonds, bank capital, European emerging markets
and asset-backed securities, as well as leveraged loans. Based in London and
authorized by the FSA, it has a rating of AM2 from Fitch Ratings. For the last
three consecutive years, it was been the winner of Global Investor’s Award for
Investment Excellence as ‘European Bond Manager’ / ‘European Fixed Active’
Manager. At year end April 30, 2006, ECM reported revenues of £63.4 million
($126.9 million) and post-tax earnings of £17.2 million ($37.4 million).
Goldman Sachs International, which is regulated by the Financial Services Authority, is acting for European Credit Management and no one else in connection with the Transaction and will not be responsible to any person other than European Credit Management for providing the protections afforded to clients of Goldman Sachs International or for advising any other person in relation to the Transaction or any other matter referred to in this announcement.
Source: Evergreen Investments
Media Inquiries Evergreen Investments/Wachovia Corporation:
Laura Fay: 617.780.5652, lfay@EvergreenInvestments.com
Jim Griffin: 704.715.4539, jim.griffin@wachovia.com
Cardew Group:
Richard Spiegelberg, 44.207.930.0777, richard.spiegelberg@cardewgroup.com
Catherine Maitland, 44.207.930.0777, catherine.maitland@cardewgroup.com
Investor Contacts:
Alice Lehman, 704.374.4139
Ellen Taylor, 704.383.1381