A Wachovia news release said Robert. Reid, who most recently has led Wachovia’s successful Retirement Strategy, will serve as president of the new Retirement and Investment Products Group.
According to the announcement, the unit will be part of Wachovia’s Capital Management Group, one of four Wachovia business lines that also includes Wachovia Securities, the retail brokerage company; Evergreen Investments, Wachovia’s asset management arm; and Corporate and Institutional Trust.
The company said the Retirement and Investment Products unit will include:
- Wachovia’s employer-sponsored business, Wachovia Retirement Services (WRS), that serves as plan administrator for more than 1.2 million defined contribution, defined benefit and non-qualified plan participants.
Joseph Ready, Retirement Services director, stays in place and will report to Reid, according to Wachovia spokesman Mark Folk.
Wachovia’s overall retirement strategy, the initiative that started nearly two years ago, to provide direction and strategic oversight to Wachovia’s retirement businesses.
- Wachovia’s Annuities and Reinsurance Group.
“We now have reached the point where it makes sense to combine many of the retirement services we provide for our customers into one, integrated unit that will put the talent, resources, and responsibilities in one place and give greater clarity and transparency to our customers,” said David Carroll, president of the Capital Management Group.