In an effort to bolster its proprietary trading activities and tap into a global network of derivatives traders, First Union Corp. has turned over a portion of its swaps business to an outside management firm.

Charlotte, N.C.-based First Union has contracted for the trading services of Ferrell Capital Management, a six-year old trading-management firm based in Greenwich, Conn. The "renting" of trading services, known as outsourcing, is available to any bank that can set aside $10 million minimum.

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