CHARLOTTE, N.C. —First Union Corp. on Monday named Patrick O’Brien president of its newly renamed Evergreen Institutional Asset Management unit.

Mr. O’Brien, 40, joins the company from Chicago’s Bank One Corp., where he was a senior managing director in the Banc One Investment Advisors unit, heading a group that specializes in high-net-worth investors.

Formerly known as First Capital Group, the First Union asset management group took the new name last week to capitalize on the brand identity of the bank’s $86 billion Evergreen Funds unit.

Mr. O’Brien will be responsible for sales expansion, and the bank will hire a number of people to assist him, a spokesman said. Evergreen Institutional Asset Management serves retirement plans, public funds, endowments, insurance companies, governmental entities, and corporations. It and Evergreen Funds manage assets totaling $120 billion.

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