Stephen Rumsey

Stephen Rumsey "was most recently founder and joint CEO of European Credit Management and prior to that was Managing Director, Debt Markets Division of Merrill Lynch. He has a particular interest in the environment and his other trusteeships include Birdlife International, the Wetland Trust and the Brazilian Atlantic Rainforest Trust."

"Stephen Rumsey is Chairman of Permian Global, an investment company focused on climate mitigation through forest protection and recovery. Mr. Rumsey is a life-long conservationist and an experienced financier."

Affiliations

• Council member, Global Restoration Council
• Trustee, New Philanthropy Capital
• Council member, Global Restoration Council

Notes

"Evergreen Investments, the asset management division of Wachovia Corp. (NYSE: WB), today announced an agreement to acquire a majority interest in privately held European Credit Management Ltd. (ECM), a London-based fixed income investment management firm with approximately US$26 billion (20 billion euros) in assets under management. The combined organization will have over US$280 billion (210 billion euros) in assets under management, serving more than 2,400 institutional clients and 3 million individual shareholders. Subject to regulatory approval, the deal is anticipated to close in the first quarter of 2007. Financial terms of the transaction were not disclosed; however, in 2007, Wachovia expects the transaction to be neutral to earnings per share on a GAAP basis and modestly accretive, excluding intangible amortization....

"Evergreen is pleased to announce that ECM co-founder Stephen Rumsey has separately been engaged by Evergreen to provide strategic insight and guidance as the firm continues to broaden its global asset management business. Rumsey, who co-founded ECM in 1999, brings significant knowledge and experience of the fixed income markets and their important role in the global asset management industry."