Business

Wachovia Securities hires investment chief

Wachovia's Corp.'s brokerage arm today announced that Tom McManus, formerly chief investment strategist at Banc of America Securities, has been named its new chief investment officer and director of advisory services.

In this role, McManus will lead the firm's advisory services group, which sets the overall investment strategy for Wachovia Securities' financial advisers. He will be based in the firm's St. Louis headquarters.

"We are extremely impressed with Tom's background, experience and ability to connect with our financial advisors and their clients," said Danny Ludeman, president and CEO of Wachovia Securities, in a statement. "He is clearly the right person to help leverage the substantial talent that exists within our firm's Advisory Services Group as a result of combining Wachovia Securities and A.G. Edwards."

McManus, a well-known stock forecaster, stepped into a less high-profile role in February as Bank of America restructured its corporate and investment bank. Wachovia's former chief strategist, Rod Smyth, this spring joined a startup firm in Richmond, Va., as Wachovia Securities shifted its headquarters to St. Louis from Richmond.

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