IRVINE, Calif., Jan. 16 /PRNewswire-FirstCall/ -- Wachovia Wealth Management today announced 20 new hires across Northern and Southern California, continuing to build a team to deliver the full range of wealth management services to high net worth individuals, their families and businesses. As part of the build-out, Wachovia is establishing Legal Specialty Group teams in San Francisco and Los Angeles to serve the unique financial needs of law firms and attorneys.

With more than three times the number of millionaires than any other state, California is a top priority for Wachovia Wealth Management expansion. By 2010, households in the Los Angeles metro market -- which includes Los Angeles, Santa Barbara and Ventura counties -- with $250,000 or more in investable assets, are projected to have grown 28 percent since 2005, according to data collected by Wachovia's Insight and Innovation group. During that same five-year period, total population in that region is expected to grow only seven percent. The legal community is also predominant, with more than 80 of the nation's 200 largest revenue producing law firms having offices in California.

"As the nation's fourth largest bank, we're excited to introduce the Wachovia brand in California and are committed to serving affluent and high net worth individuals in a distinctive way that will exceed their expectations," said Stan Kelly, president of Wachovia Wealth Management. "Our focus on local delivery and our commitment to excellence have made Wachovia No. 1 in customer service six years in a row. Nowhere is that personal touch more important than in wealth management."

Wachovia Wealth Management offers a full spectrum of high net worth services, including private banking and credit; debt solutions; investment management; financial and tax planning; trust and estate planning and administration; charitable services and insurance. Wachovia's open architecture investment offering includes alternative investments such as private equity funds, hedge funds and exchange funds. Other specialties include risk management, family office services, family governance and stewardship consulting, marine and aircraft financing.

Wachovia's Legal Specialty Group offers a full range of specialized services through a single point of contact, including customized lending; cash management; banking; brokerage and asset management services; financial, estate and tax planning; trust services; and life, disability, long-term care, property and casualty insurance. The group is recognized across the national legal community, said LSG managing director Kevin Conroy, for its Comparative Analytical Tool (CAT), which provides law firm senior management with a confidential benchmarking analysis of the firm's financial results, as well as customized studies for law firms.

Deborah Shore, managing executive of the Wealth Management Western Region, said Wachovia is winning new clients who like the firm's integrated approach and focus on financial planning. "We go beyond investment management to help clients not only grow and preserve their wealth but help them think about what they want their wealth to do for them and the impact it has on their families," she said.

Wachovia is establishing Wealth Management teams in San Diego, Orange County, metro Los Angeles and the San Francisco Bay area.

"We are aggressively recruiting top performers who are creative thinkers and want to be part of building something new," said Winston Wilkinson, Western Region Private Banking director. "We're building a team of people with character and expertise who know their markets and can deliver a unique California approach for Wachovia clients."

The following new hires have joined Wachovia Wealth Management in Southern California:

    -- Ryan Dietz - Dietz joined Wachovia as regional director at 1800 Century
       Park East in Los Angeles, after previously working as wealth management
       consultant at Wells Fargo. A licensed securities professional, Dietz
       has Series 6, 7, 66 and insurance licenses. He has worked in financial
       services for 9 years.

    -- Rosalie Domingo - An on-boarding manager, Domingo transitions newly
       hired and internally transferred employees into their new roles. She
       has been employed with Wachovia since 2001, first working in the
       Capital Management Group for four years and then moving to Wealth
       Management in 2005. Domingo has 14 years of experience in financial
       services. She has a master's in business administration from Queens
       University of Charlotte. She is located at 1800 Century Park East in
       Los Angeles.

    -- Chris Lee - Holding Series 7 and 66 securities licenses, as well as
       California life and health insurance licenses, Lee is a relationship
       manager with Wachovia. He previously worked for Wells Fargo as a
       private banker. His office is located 2211 Michelson Dr. in Irvine.

    -- Johnny Liu - A relationship manager with Wachovia with eight years of
       experience in the financial services industry. Liu comes from Wells
       Fargo where he was a regional private banker. He has Series 7 and 66
       securities licenses and has obtained a certificate for personal
       financial planning, in addition to being a life and health insurance
       agent. His office is located at 2211 Michelson Dr. in Irvine.

    -- Akiko Maeda - A client management associate, Maeda previously worked
       for Wells Fargo as a business banking specialist, garnering several
       sales and service awards during her tenure there. She has nearly three
       years of experience in the financial services industry and her office
       is located at 2211 Michelson Dr. in Irvine.

    -- Mark Markarian - A senior relationship manager located at 1800 Century
       Park East in Los Angeles, Markarian helps affluent families and
       institutions effectively balance their assets and liabilities to better
       manage overall cash flow. He previously worked as a senior private
       banker with Wells Fargo Bank and has 22 years of experience in the
       financial services industry. Markarian has a California insurance
       license and Series 7 and 66 Licenses.

    -- Vanessa Martin - Martin is a client management associate with 11 years
       of financial services experience. Prior to Wachovia, she was employed
       with Wells Fargo as a private client associate. Martin is located at
       10421 Wateridge Circle in San Diego.

    -- Renie Schebesch - As client management associate, Schebesch previously
       worked for PacifiCare Behavioral Health as an executive assistant to t
       the CIO/COO and CFO. Schebesch has 16 years of financial services
       experience and is located at 2211 Michelson Dr. in Irvine.

ABOUT WACHOVIA WEALTH MANAGEMENT

Wachovia Corporation (NYSE:WB) is the 8th largest wealth manager in the country, according to Barron's 2007 ranking of U.S. Wealth Managers. Wachovia Wealth Management has been recognized for its award-winning open architecture investment platform, Advantage, and was named 2007 High-Net-Worth Leader of the Year by Private Asset Management, a publication of Institutional Investor. Wachovia Corporation is one of the nation's largest diversified financial services companies, with assets of $754.2 billion and market capitalization of $95.3 billion at September 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers.

Source: Wachovia Corporation