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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.