Merger partners Banc One Corp. and First Chicago NBD Corp. laid the groundwork for a combined investment management division in internal announcements last week.

The planned Banc One investment management group would have $120 billion of assets under management, including $55 billion in mutual funds, and 7,000 associates in 14 states, said David J. Kundert, who will be its chairman and chief executive officer. He has a similar post at Banc One. The combined banking company is to take the Banc One name when the deal closes in the fourth quarter.

The appointments in portfolio management include Peter Atwater, Banc One Corp.'s treasurer, as chief operating officer. Rick Jandrain and Gary Madich, also from Banc One, are to be chief investment officers for equity and fixed income, respectively. George Abel, the chief investment officer at First Chicago NBD, is to head an institutional client services unit.

Scott Bates and Steve Baine, both of First Chicago, are to be chief executives of institutional investment services and the private-client group, respectively. Currently, Mr. Bates works in insurance and Mr. Baine in investments. Glen J. Milesko was named chief executive of the insurance group, a post he holds at Banc One.

Mark Beeson, Garrett H. Jamison, and Mike Reed, who run mutual funds, trust, and brokerage, respectively, for Banc One, are to take similar jobs in the post-merger bank.

Robert J. Michelotti, president of Roney & Co., a Detroit brokerage bought by First Chicago NBD, will keep that job. Don Kimble, chief financial officer of Banc One's investment group, and Jane Klivans, its head of marketing, will continue in those roles.

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