CHARLOTTE, N.C. - First Union Corp. has hired a new portfolio manager to oversee its tax-free municipal bond funds.
The bank has brought in Robert Evans, 54, to manage more than $3.7 billion in assets in the bank's 13 bond mutual funds. Mr. Evans replaces Glen Isley, who was previously managing both tax-free and taxable fixed- income funds.
Mr. Isley will now manage only the bank's taxable funds, a company spokeswoman said.
Mr. Evans was hired away from American Capital Asset Management Inc., Houston, where he was a senior vice president and group manager of municipal bond funds. There he managed five municipal bond funds.
First Union manages more than $8 billion in its proprietary fund family, Evergreen Funds.