PNC Asset Management Group has named a new manager for its core equity portfolios at one of its subsidiaries.
Daniel B. Eagan replaces John Bye in managing $925 million in two common trust funds and a mutual fund at Provident Capital Management, an investment advisory firm overseen by PNC Asset Management.
Since last year, Mr. Eagan has served as director of investment strategy at PNC Asset Management, the money management holding company for PNC Bank Corp., Pittsburgh.
Young D. Chin, chairman of Provident Capital Management, said the core portfolios have historically held captive assets from personal trusts, but he wants Mr. Eagan to upgrade the products for more complicated investment needs.
"We really want it to withstand the scrutiny of a wider range of institutional clients," Mr. Chin said.
Mr. Bye has been named a senior investment counselor in PNC's Princeton, N.J., private banking office.
Mr. Eagan will continue to serve as PNC Management's director of investments until a replacement is named.