Name Change Effective May 2002
By Rick Weinberg
First Union Securities will announce Wednesday that it has been renamed Wachovia Securities, Registered Rep. magazine has learned.
The name change is effective May 2002.
First Union is the retail brokerage arm of Wachovia Corporation, along with IJL Wachovia. The firm, the nation’s fifth largest brokerage organization, will operate under its separate, existing names pending consolidation of separate brokerage systems, which the firm expects to complete in May, 2002.
Danny Ludeman, President and CEO of Wachovia Securities Brokerage Group, said in a statement that the firm’s new name “has compelling national power that will permit us to build on the sterling reputation associated with the Wachovia brand. It gives us a distinct identity among a crowded and changing field of competitors in the securities industry.”
Ludeman said brokerage clients will receive information about the firm’s decision to adopt the Wachovia Securities name in a series of communications over the next several months.
He said the change does not affect clients’ relationships with their financial advisors. With more than 8,000 registered representatives serving clients through offices in 49 states, Wachovia’s combined brokerage organization has $274 billion in client assets, the firm says.
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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.