John Principe has been named managing executive of First Union Institutional Trust Services, a move that follows the merger between First Union and Wachovia. Principe, a senior vice president and 30-year veteran in the custody and securities business, said the group grew fee revenues by more than 20% in 2001 and affirmed the company's commitment to the business in the post-merger environment. Wachovia sold its custody business to State Street Corporation in 1999. Principe joined First Union through the CoreStates merger in 1998.

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