Continuing a push to raise its profile, First Union Corp.'s Evergreen Funds hired a senior portfolio manager from Advantus Capital Management Inc., a St. Paul fund company.
Matthew Finn joined the Charlotte, N.C.-based banking company this week as a vice president. He will manage the $1.1 billion Evergreen Value Fund, which was previously managed by Jack Gray and David Francis, said a spokesman.
Mr. Gray and Mr. Francis will continue to manage the $870 million Evergreen Diversified Value Fund, which is part of the $7 billion Evergreen Select institutional fund family, the spokesman said. Mr. Francis is also chief investment officer and managing director of First Capital Group, which manages more than $16 billion of institutional assets.
Mr. Finn managed the Advantus Cornerstone Fund, which is similar to the Evergreen Value Fund, said the spokesman. Cornerstone has a four-star rating from Morningstar Inc., the Chicago-based fund rating firm.
Mr. Finn will report to Walter McCormick, head of Evergreen's core equity growth team, said the spokesman.