First Union Corp.’s asset management division has a new name, a new president, and a new objective — to reach past banks and brokerages and gather retirement plan assets from third-party investment advisers.

Since Dec. 5, First Capital Group has been Evergreen Institutional Asset Management. Though the name says institutional, and the unit does manage $87.6 billion of institutional assets, it also runs First Union’s $32.4 billion retail Evergreen Funds. The name was changed to capitalize on their brand identity.

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