Wachovia Corp. is quietly emerging as a wealth-management powerhouse.

The Winston-Salem, N.C., banking company has captured 3% of the investment assets of some of the richest people in the country, according to a survey taken last year. It also ranked No. 7 among institutions named by millionaires who were asked where they place the largest proportion of their investable assets. Wachovia was the only commercial banking company among the top 10.

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