CHARLOTTE, N.C., March 17 /PRNewswire-FirstCall/ -- Wachovia Securities
today announced that Bob Reid has been named as head of Real Estate, a
newly created executive position reporting to Ben Williams, head of Global
Markets and Investment Banking (GMIB). As head of Real Estate, Reid will
manage a platform that provides seamless service to Wachovia's commercial
real estate clients though two primary business lines -- Real Estate
Americas and Real Estate Asset Management. Robert Verrone and Lawrence
Gray, co-heads of Real Estate Americas, and Leslie Fairbanks and Dan
Sullivan, co-heads of Real Estate Asset Management will report to Reid.
Reid has almost 30 years of experience at Wachovia, and since 2003 has
served as head of the Retirement and Investment Products Group (RIPG),
reporting directly to David Carroll, head of the Capital Management Group.
He has also held a number of senior leadership positions in the General
Bank, including CEO of Pennsylvania/Delaware and President of the Atlantic
Region, and was instrumental in managing challenging integration projects
during a number of acquisitions.
"Our commercial real estate platform has grown into a dominant and
multi- layered business," said Williams. "In light of current credit market
disruptions, the time is right for us to elevate this important business
under a single executive who reports directly to me. Bob is a seasoned
leader who understands real estate, values people and has proven his
ability to manage large business integrations. I am looking forward to
having him join my leadership team."
Until Reid's appointment, the Real Estate Division had reported to Tom
Wickwire, head of Structured Products. Concurrent with the re-alignment of
Real Estate, Tom Wickwire will take on additional responsibilities as head
of the Principal Financing Group within GMIB. In addition to his other
Structured Products responsibilities, Wickwire will now manage all of
GMIB's retained risk and principal investment activities. Under his
leadership, the Principal Financing Group will optimize returns on invested
capital as well as actively manage and strategically grow these activities
across asset classes, geographies, and formats.
"Tom has done a tremendous job in growing our real estate business into
a market-leading franchise and will continue to be a valued advisor to this
business," Williams said. "He has more than 20 years of experience in
structured finance and has proven himself to be equally adept at managing
risk and identifying opportunities for investment. Given the current market
landscape, it is more important than ever that we consolidate all of our
principal financing activities under a single leader. Tom is the right
person to manage this important strategic business."
About Wachovia's Corporate and Investment Banking Group
Wachovia's Corporate and Investment Banking group offers a full suite
of products and services to public and private companies, institutional
investors, financial institutions and the financial sponsor community.
Investment banking and the global markets businesses (fixed income and
equities) operate under the Wachovia Securities brand and have become a
global force in the capital markets arena by providing comprehensive
advisory, capital raising, structuring and execution services. Wachovia's
Corporate and Investment Bank also includes the third-largest Treasury
Services business in the U.S., as well as leading asset-based lending and
global correspondent banking services. The firm is built on a cohesive
culture that encourages creative ideas, capital solutions, and experienced
advice to all clients.
Wachovia Securities is the trade name for the corporate, investment
banking and capital markets of Wachovia Corporation and its subsidiaries,
including Wachovia Capital Markets, LLC (WCM), member NYSE, FINRA, and
SIPC, and Wachovia Securities International Limited, which is authorized
and regulated by The Financial Services Authority in the United Kingdom.
Wachovia Securities is also the trade name for the retail brokerage
businesses of WCM's affiliates, Wachovia Securities, LLC, member NYSE,
FINRA, and SIPC, Wachovia Securities Financial Networks, LLC, Wexford
Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $782.9 billion and
market capitalization of $75.3 billion at December 31, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
customers through 3,400 retail financial centers in 21 states from
Connecticut to Florida and west to Texas and California, and nationwide
retail brokerage, mortgage lending and auto finance businesses. Globally,
clients are served in selected corporate and institutional sectors and
through more than 40 international offices. Our retail brokerage operations
under the Wachovia Securities brand name manage more than $1.2 trillion in
client assets through 14,600 financial advisors in 1,500 offices
nationwide. Online banking is available at http://www.wachovia.com ; online
brokerage products and services at http://www.wachoviasec.com ; and
investment products and services at http://www.evergreeninvestments.com .
SOURCE Wachovia Corporation
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