Short Takes: 1st Union Hires Capital Management CFO

First Union Corp., Charlotte, N.C., has hired Thomas Pindelski to be chief financial officer of its First Union Capital Management Group.

Mr. Pindelski, who joined the company last week, was formerly CFO at Nicholas-Applegate Capital Management, San Diego.

He succeeds Michael Holcomb, who had been set to move to a job as head of strategic planning for the capital management group. However, Mr. Holcomb subsequently decided to leave the bank to pursue a CFO post at another institution, said a First Union spokeswoman. An eight-year First Union veteran, Mr. Holcomb does not want to disclose his new job until he starts next month, said the spokeswoman. But, she added, "it's not another bank."

Mr. Pindelski, meanwhile, will report to Donald A. McMullen Jr., managing director in charge of the capital management group.

With $490 billion of assets under care, the capital management group comprises all of First Union's investment and asset management services. The division includes First Union's $47 billion proprietary fund family, the Evergreen Funds; the bank's asset management or CAP account, personal trust, and the bank's insurance group.