NationsBank Corp. has named its director of investment strategy to the additional post of chief of the trust and investment group's equity division.
In his expanded role, Andrew M. Silton will oversee a division that manages $18 billion in equity investments for individuals, corporations, pension plans, and the NationsFund family of mutual funds.
Mr. Silton, who joined the Charlotte, N.C., banking company last year, is assuming duties formerly handled by C. Edwin Riley Jr. Mr. Riley, who a NationsBank spokesman said has left the bank, could not be reached for comment.
The equity division is one of several units that make up NationsBank Trust and Investments. Other divisions include fixed-income and investment management.
All told, NationsBank Trust and Investments manages $57 billion of assets for more than 71,000 individual and institutional clients nationwide.
Mr. Silton has 16 years' experience in investment management. Before joining NationsBank, he served as the equity strategist and portfolio manager for Shields Asset Management, a subsidiary of Alliance Capital Management, New York.
He also served as director of research for First Albany Corp., a regional brokerage firm.
Earlier, Mr. Silton was the executive director of the Council on Economic and Fiscal Priorities of the State of New York and served as a legal counsel on economics to the governor of that state.
Building on public and private sector experience, he has served as adviser on strategy to local governments and to financial companies such as GE Capital.
"Andy brings a broad background to build on our strengths. This move is another sign of our commitment to the investment management business," said James B. Sommers, president of NationsBank Trust and Investments.