First Union's $13.4 billion acquisition of Wachovia combines two asset...

First Union’s $13.4 billion acquisition of Wachovia combines two asset management units that have a total of $221 billion under management, ranking among the top 25 asset managers. Wachovia Asset Management brings $51 billion in assets under management to First Union’s investment arm, the $170 billion Evergreen Investment Management, said Chad Peterson, Evergreen spokesman. Of that amount, Wachovia brings $11 billion in mutual fund assets; the two firms will have a combined $96 billion in mutual fund assets. Asset totals are as of Dec. 31.