TIMOTHY CURTIN: FIVE YEARS TO QUADRUPLE ASSETS

Timothy Curtin had barely settled into his new office before First Union Corp. had him working overtime. That’s because the new national sales manager for external distribution of the Charlotte, N.C., bank’s group of Evergreen mutual funds has a tall order ahead of him: to help boost the assets under management from $55.2 billion to $200 billion by the end of 2004.

While Evergreen’s goal may seem lofty, consider that its assets rose more than 34% last year and more than 685% since the end of 1994. Much of its growth has come through First Union’s acquisition of other fund complexes, and only now is it focusing on stronger sales.

“We are going to continue to make acquisitions, but we simply can’t rely on them,” says Evergreen Investment Services president Michael Treske. “We need to continue to increase our organic sales.”

Which is where Mr. Curtin, 42, comes in. He will oversee sales of Evergreen funds through other banks, brokerages and independent financial advisers outside First Union’s own brokerage force. He joins Evergreen from $48 billion asset Munder Capital Management, where he was national sales manager. (Munder’s majority owner, Comerica Inc., is considering selling part of the Birmingham, Mich., firm to South African insurer Old Mutual.)

“Tim is ideal for what we are trying to do,” says Mr. Treske, his boss. “He’ll help us build stronger relations at the broker-dealer level, which is a very important market for us.” Mr. Curtin succeeds Joseph Hart, who left to join archrival BankAmerica Corp. in December.

Evergreen sells its more than 70 funds through its sister unit, First Union Brokerage Services Inc., which has 430 retail brokers, and to institutional investors.

While declining to comment on Mr. Curtin’s departure, a Munder spokeswoman says the company is still seeking a successor.

“Basically, there’s a lot more resources and opportunities here, which was the main reason for leaving Munder,” says Mr. Curtin. “It’s a more established name, and I just want to continue to grow this thing. It’s a pretty exciting opportunity.”

His first assignment, when he began Jan. 4, was to introduce the bank’s first manager of managers fund, called the Evergreen Masters Fund, a U.S. stock portfolio jointly managed with Putnam Investments, Massachusetts Financial Services and OppenheimerFunds. “It gives investors four managers in one fund,” says Mr. Curtin.

After two weeks, the fund had already snagged more than $200 million, and Mr. Treske says Evergreen is planning to launch two or three more such funds by the end of 1999.

Evergreen is also planning to start selling its funds to investors in Japan through First Union’s office in Tokyo, says Mr. Treske.

In April, First Union will introduce Evergreen Worldwide, a new fund group for non-U.S. investors.

Much of Evergreen’s growth has been boosted by a multimillion-dollar advertising campaign started last year. It will continue this year in retail and investment publications, says Chad Peterson, a spokesman.

Mr. Treske says Evergreen also plans to launch a turnkey 401(k) plan this year, as well as to expand into the 401(k) market for smaller companies.

“We’re shooting for $100 billion in assets by the end of 2000, and we’ve yet to miss a target since I’ve been here,” says Mr. Treske, who joined the firm three years ago.