"Gene's 26 years of experience and global presence add to our already strong business model and will allow us to aggressively move forward with our global expansion," said Gary F. Rupert, chief executive officer of MetWest.
Picone joins MetWest from JPMorgan, where he spent 19 years in a variety of senior positions and product management roles. Most recently, he was the Western Hemisphere Business Executive for JPMorgan's suite of execution products, which included securities lending. He has also held many prominent industry roles, such as chairman for the Risk Management Association's Committee on Securities Lending and chairman of the US Board of EquiLend, LLC.
"MetWest has built its reputation on strong performance, impeccable client service and a passion for risk management," Picone said. "These values fall in line with what I believe to be the key ingredients for a successful business. I am excited for the opportunity to work with my colleagues to help take this highly respected franchise to the global community."
MetWest is an investment advisory, asset management and broker/dealer firm specializing in securities lending and short-term fixed-income asset management. With approximately $60 billion on loan today, MetWest is one of the nation's largest, most respected third-party securities lending providers, with a national client base consisting of major institutional funds and corporate portfolios.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 740 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Based on June 30, 2006, pro forma data, Wachovia has combined assets of approximately $700 billion and as of Sept. 29, 2006, a combined market capitalization of $107 billion.
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