The president of NationsBank Corp.'s asset management arm, TradeStreet Investment Associates Inc., resigned abruptly this week.
Reached by telephone at his home on Thursday, Andrew M. Silton, 43, said his last day was Tuesday.
Mr. Silton, who joined the banking company three years ago and took the TradeStreet post in 1995, said he was reluctant to discuss the reasons for his exit. "It was time to stop, relax a little while, and figure out what I am going to do next," he said.
However, observers said he left after being passed over for promotion. Last week the bank expanded the role of Mr. Silton's boss, executive vice president John Munce but did not increase Mr. Silton's duties. Others said senior management may have blamed Mr. Silton for the runoff of pension assets after NationsBank's 1996 acquisition of Boatmen's Bancshares.
NationsBank named Holly D. Deem, 42, to succeed Mr. Silton as president of TradeStreet. A four-year veteran of NationsBank, she was most recently managing director for client services at TradeStreet.
TradeStreet manages $53 billion of institutional and mutual fund portfolios.