CHARLOTTE, N.C., May 16 /PRNewswire-FirstCall/ -- Wachovia Corporation
today announced that it has named John Papadopulos, age 49, President of
the Retirement and Investment Products Group (RIPG), one of three
businesses within the Capital Management Group. Papadopulos succeeds Robert
Reid, who recently was named head of the Real Estate Division within the
Corporate and Investment Bank. Papadopulos will report to David Carroll,
head of the Capital Management Group, and serve on the division's operating
committee.
"John has had a long career focused on serving the unique needs of his
clients, has a strong track record of growing businesses and is very
effective at building partnerships across the broader company," Carroll
said. "I am pleased that John will be at the helm of this business. He has
a mandate to advance our efforts further into the consumer and
institutional markets so that Wachovia will ultimately be the retirement
provider of choice."
Papadopulos has spent the past 12 years working in the firm's Corporate
and Investment Bank, in a series of senior management roles, most recently
as managing director within the Financial Institutions Group, leading the
investment banking team that covers insurance and banking clients. Prior to
this role, Papadopulos served four years as the managing director of
Institutional Investor Management. In this position, he served as chief
liaison to the top 50 global institutional investors that are trading
partners of Wachovia's Fixed Income and Equity groups. Before joining
Wachovia, he served as a managing director at Bankers Trust in New York and
at Continental Illinois Bank in Chicago.
In his new role, Papadopulos will oversee the firm's retirement
business, including its retail retirement business, which provides
products, including IRA and annuities, to Wachovia's distribution channels,
which include Wachovia Bank and Wachovia Securities; Wachovia Retirement
Services, its defined contribution and defined benefit recordkeeping
business; and the reinsurance business.
"Retirement - and saving for future needs - is one of the biggest
issues affecting Americans today. RIPG is a terrific business at Wachovia,
and I am very excited to be working with this team and all its partners to
help create solutions for our clients," added Papadopulos.
Retirement and Investments Products Group
The Retirement and Investment Products Group creates and makes
available an array of retirement solutions for retail and institutional
clients across the company. It includes the Retail Retirement Group, which
is focused on the sales growth of Wachovia's IRA and annuity products
through the bank and brokerage channels. At the end of 2007, with annual
sales of $12.5 billion, Wachovia ranked as the number one distributor of
annuity products in the United States. Since 2004, Wachovia's IRA assets
under management have grown at a combined annual growth rate of 13 percent
and 2007 inflows topped $20 billion. At end of 2007, Wachovia ranked in the
top 5 in IRA assets under management in the U.S.(1) The business unit also
includes Wachovia Retirement Services, which provides recordkeeping,
administration, education, investment options and health savings account
services to more than 2.2 million plan participants with more than $105
billion in assets in more than 6,600 retirement plans. In 2007, Wachovia
was rated as the second best provider for client loyalty in the retirement
industry by the annual Boston Research Group survey. The Retirement and
Investment Products Group also includes Wachovia's Life and Annuity
Reinsurance operations. The Reinsurance Group is one of the leading U.S.
reinsurers of retirement and annuity products, as well as, life surplus
relief transactions.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $808.9 billion and
market capitalization of $53.8 billion at March 31, 2008. 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 3,300 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 $1.1 trillion in client assets
through 18,600 registered representatives in 1,500 offices nationwide.
(1) [4th quarter Claritas market share report]
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
CONTACT:
Amy H. Jones of Wachovia Corporation,
+1-704-383-4995
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