Wachovia Corp. hired Richard C. Dowd from Ernst & Young to be managing director of private capital advisory services in Wachovia Capital Markets Inc.

Mr. Dowd will expand and manage Wachovia's private capital practice, focusing on originating, structuring, and placing private capital for middle-market corporate clients. He will report to J. Peter Peyton, senior vice president and group executive of Wachovia's merchant banking and financial advisory group.

Mr. Dowd was a corporate finance partner for the mid-Atlantic and Carolina markets at Ernst & Young, where he had worked since 1988.

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