Evergreen Investments Co., Wachovia Corp.'s asset management arm, has hired Margaret Patel, a high-yield money manager who recently resigned from Pioneer Investment Management of Boston.
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Ms. Patel was named the lead portfolio manager of the Evergreen Strategic Income Fund, the Evergreen Variable Annuity Strategic Income Fund, the Evergreen Balanced Fund, and the Evergreen Variable Annuity Balanced Fund. She will manage more than $1.7 billion across those funds.
Ms. Patel had managed the Pioneer High-Yield Fund, which had $4.7 billion of assets under management as of March 31, since 1999. Her hiring by Evergreen was announced Tuesday.
Evergreen, based in Boston, had $312 billion of assets under management through March 31.
