Evergreen Investments, the investment arm of Wachovia Corp., has announced the founding of a financial institutions group and said it had hired Mike Woods to run it.
The group is to incorporate Evergreen's financial advisory division; subadvisory-relations group; and defined contribution, investment-only business, the company said on Tuesday.
As head of this group, Mr. Woods is to oversee distribution of Evergreen products and investment strategies through independent financial planners and registered investment advisers. He also is to work with certain institutional clients - including variable annuity companies, defined contribution record keepers, insurance companies, and banks - to leverage Evergreen's investment capabilities and administration efficiencies in a subadvisory role.
Based in Boston, Mr. Woods reports to Peter Cieszko, the president of Evergreen's global distribution.
Mr. Woods was the chief executive officer of XTF Global Asset Management. Previously, he had worked six years at Citigroup/Legg Mason, where he most recently was a managing director and U.S. head of the subadvisory and defined contribution, investment-only business. Evergreen had $281.5 billion of assets under management at June 30.
