First Union Corp. has set lofty goals for the profitability of its mutual fund family and other fee-generating businesses.

Donald A. McMullen Jr., head of First Union's asset management group, told bank analysts at a conference last week that his unit earned $117.5 million in 1995, 5% of the holding company's pretax profit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.