First Union Corp. is putting the spotlight on its private banking money managers. The Charlotte, N.C.-based bank created a new division, First Investment Advisors, to house its 125 trust and private banking investment managers, and hired a bank investment veteran to run it.

First Investment Advisors will be part of the bank's capital management group. It will be led by chief investment officer and managing director Alan R. Adelman, who joined First Union in January after more than 19 years in the asset management business.

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