Tattersall Advisory Group has been acquired by First Capital Group, the institutional asset management division of First Union Corp. Terms were not disclosed. Tattersall has $5.5 billion in total assets under management, of which about $4.8 billion is institutional tax-exempt, primarily core fixed income. The firm will keep its name and remain in Richmond, Va. The move to First Union will allow the firm to expand into opportunistic bond strategies sought by institutional clients, said Fred Tattersall, CIO and the firms largest shareholder. Tattersall also will have access to First Unions distribution system and will be able to move more quickly into the defined contribution business, both strong pluses for the sellers, Mr. Tattersall said. First Capital has more than $60 billion in institutional assets under management.