National City Taps Abunassar for Asset Post

June 28, 2004 ( - A former Bank One Corp. official who left the company after it became caught in the ongoing mutual fund trading scandal has popped up as an executive in institutional asset management.

John Abunassar has been named executive vice president at National City Corp, and assigned to head client services, sales, retirement plan services and product management activities for the company’s Institutional Asset Management business, National City announced in a news release. The Cleveland-based National City’s institutional asset management business oversees $33 billion of assets and administers more than $80 billion of trust assets.

According to the announcement, Abunassar joined Banc One Investment Advisors in 1992, and led the institutional asset management group from 2000 to 2003.   While at Banc One Investment Advisors, Abunassar’s primary responsibilities included leading consultant relations, client services, sales, RFP management, marketing, product management and strategic planning.

Abunassar, 37 and Mark Beeson, Bank One’s mutual fund chief, left the company in October after New York Attorney General Eliot Spitzer accused Bank One and three other fund companies of helping the Canary Capital Partners LLC hedge fund trade mutual funds improperly (See  Bank One Fund Unit Head Departs ). Beeson was mentioned by name in Spitzer’s  original complaint , while Abunassar was not.

“It’s our understanding that Mr. Abunassar had nothing to do with that fund,” said National City spokeswoman Kelly Wagner, referring to Canary, told Reuters. “We’re confident in his ability to lead our client services, sales, retirement plan services and product management activities.”