"Michael will play an integral role as Evergreen continues to develop our presence in the global institutional marketplace," said Peter Cieszko, president of global distribution for Evergreen. "Michael's substantial experience in marketing asset management to institutional and wholesale clients in Europe and his established track record of winning and developing new business will serve as a catalyst as we broaden our international institutional book of business." Borkan joins the firm with more than 12 years experience with leading European fund management firms, most recently serving as the Northern Europe regional manager for Old Mutual Asset Managers. Previously, Michael was head of international and alternative sales for Resolution Asset Management. His prior industry experience includes roles at Sinopia, an HSBC company, and PIMCO Global Advisors. "We continue to build on the depth of our domestic product and service capabilities while building an extensive and diversified distribution network abroad," said O'Brien. "Leveraging Michael's leadership, local presence and strong client relationships, we will seek to deliver best-in-class investment strategies to consultants and sub-advisory and institutional clients in non-U.S. markets."
Borkan holds a bachelor's degree from Cornell University, a master's in business administration from the University of Chicago, and a diploma in management from Oxford University. He currently serves as a member of the University of Chicago Graduate School of Business' European Advisory Board as well as the Development Board of the University of Warwick Business School. He has also served as a Trustee of the University of Birmingham (England) and as a member of its Investment Committee; as a member of the Higher Education Funding Council of England's Leadership, Management and Governance Board; and as a member of the Cornell University Council.
In addition to strengthening the firm's sales and client service teams with key personnel appointments, Evergreen has demonstrated its commitment to the global institutional marketplace through strategic partnerships with top-tier investment management firms. In January 2007, the firm announced a majority acquisition of European Credit Management (ECM), a London-based fixed income investment management firm with approximately $34 billion in assets under management. In recent years, the firm has also taken a strategic minority stake in Golden Capital Management, a Charlotte-based boutique asset manager with $4.7 billion in AUM, and a majority stake in Metropolitan West Capital Management, a $10 billion manager in predominately large cap value equity portfolios for retail and institutional clients. Evergreen Institutional, a division of Evergreen Investments, had more than $129 billion in assets under management as of Dec. 31, 2007.
About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Evergreen serves more than four million individual and institutional investors through a broad range of investment products. Led by 300 investment professionals, Evergreen strives to meet client investment objectives through disciplined, team-based asset management. Evergreen manages more than $274 billion in assets (as of Dec. 31, 2007). Please visit evergreeninvestments.com for more information about Evergreen Investments.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $782.9 billion and market capitalization of $75.3 billion at December 31, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.2 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
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