National City Corp. appointed Michael J. Minnaugh on Tuesday to run its institutional trust business.
All the Cleveland banking company's investment management businesses fall under the institutional trust umbrella.
Mr. Minnaugh directs the sales, marketing, and administration of several units that control a total of more than $100 billion of assets. He succeeds Harold B. Todd Jr., who recently retired, and reports to Robert G. Siefers, vice chairman and chief financial officer of the banking company.
Mr. Minnaugh oversees National City Investment Management Co.; two proprietary mutual fund families, Armada and Parkstone; corporate trust; and retirement plan services. He also continues to run charitable and endowment services for the trust department, where he most recently was the head of finance.
Before joining the trust department in 1994, he was comptroller of National City's lead bank.
National City Investment Management Co. was formed in August by combining the asset management groups of National City and First of America Bank Corp., which it bought. The unit manages $23 billion of assets, $16 billion of which are in the proprietary mutual funds. Its president, Robert M. Leggett, now reports to Mr. Minnaugh.