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.

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