Associated Banc-Corp has carved out $1.3 billion of assets from its trust company and formed a new asset management division to serve institutional clients.

Called Kellogg Asset Management — a throwback to the old Kellogg National Bank of Green Bay, Wis., which was organized in 1874 and is now known as Associated Bank NA — the registered investment advisory firm will target corporate clients, endowments, foundations, insurance companies, municipalities, pension funds and benefit plans.

John P. Thayer moved from Associated Investment Management, part of the company's Associated Trust Co. affiliate, to become the chief investment officer of Kellogg.

High-net-worth client accounts and fiduciary relationships will remain with Associated Investment Management.

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