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Wachovia was a diversified financial services company based in ... institutional investors such as mutual funds and pension funds controlled 73 percent of Wachovia's ...
Wachovia purchased 62% of the joint venture, while Prudential retained the remaining 38%. [11] At the time, the new firm had client assets of $532.1 billion, making it the nation's third largest full service retail brokerage firm based on assets. [ 11 ]
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.
Wachovia Securities grew through the mergers of multiple companies. Its oldest predecessor company, Leopold Cahn & Co. was founded in 1879. One of main Wachovia Securities' predecessor companies was founded in 1934 as the investment firm of J.C. Wheat & Co. Wheat fostered growth through mergers, including the 1971 merger with First Securities that created Wheat First Securities, Inc. and the ...
In late 2009, Prudential sold its minority stake in Wachovia Securities Financial Holdings LLC to Wells Fargo & Co. [17] In 2011, Prudential sold Prudential Bache Commodities, LLC to Jefferies. In February 2011, the company acquired AIG Edison and AIG Star both in Japan from American International Group, Inc (AIG) for a total of $4.8 billion. [18]
Evergreen Investments was the investment management business of Wachovia.The brand was merged into Wells Fargo Advantage Funds and subsequently phased out following Wells Fargo's acquisition of Wachovia. [1]
Wachovia sold the Florida National Bank building at 214 North Hogan Street to First States Investors in September, 2004 for $23,234,071. [16]The St. James Building became Jacksonville's City Hall in 1997, but it was too small to accommodate all departments.
On Monday June 21, 2004 Wachovia Corporation announced it would buy SouthTrust in an all-stock transaction valued at $14.3 billion. [5] The merger closed on November 1, 2004. [ 6 ] The Birmingham market was the last market for the conversion to the Wachovia brand which occurred in October 2005.