Compass Bancshares has hired a former adviser to NationsBank's private bank as chief financial officer of its fledgling asset management group.
Jan A. Koenig joined the Birmingham, Ala.-based banking company last month. In addition to the treasury duties, he will be a senior executive for the unit's investment management division.
Mr. Koenig, 43, was city investment manager and senior vice president for Tryon Investments, Charlotte, N.C., the adviser to NationsBank's private client group.
In an interview, Mr. Koenig said he was attracted to Compass because of the challenges of integrating two separate investment units and working for a company expanding by acquisition in Florida and Texas.
During the first quarter, Compass plans to combine its Texas and Alabama investment units, which currently have separate trust accounts and separate investment philosophies. In total, between $6 billion and $7 billion in administered funds and less than $1 billion in managed funds will be involved, Mr. Koenig said.
The reorganization is part of a larger change recently announced by Compass. In late August, the bank folded all its services for affluent clients into its new asset management group. The move brought about 300 trust officers, salespeople, lenders, and tax consultants under one tent.
Before joining Tryon, Mr. Koenig ran the investment management division at Bank South Corp. Earlier, he was investment services group manager and senior portfolio manager at Texas Commerce Investment Management Co.
He holds an MBA from Harvard and a bachelor's degree from Georgia Institute of Technology.