Wachovia Securities Hires Ajay Khanna, Richard P. Sandulli and Richard P. Silva to Equity Division

CHARLOTTE, N.C., June 13 /PRNewswire-FirstCall/ -- Wachovia Securities announced today that Ajay Khanna, Richard P. Sandulli and Richard P. Silva will join the firm as managing directors in the firm's Equity Division, led by Quinten Stevens. Khanna will be head of Trading and report to Stevens and Chris Bartlett, head of Equity Sales and Trading. Sandulli and Silva will co- head the Equity Structured Products team and report to Stevens. Khanna, Sandulli and Silva will be based in New York.

Khanna comes to Wachovia Securities from Morgan Stanley, where he was a managing director and head of North America Equity Derivatives Trading. Before joining Morgan Stanley in 1995, Khanna was a professor at New York University in the Operations Management department.

Sandulli comes to Wachovia Securities after ten years at Morgan Stanley, where he was a managing director and co-head of U.S. Institutional and Retail Structured Derivatives Products and head of Equity Products Innovation. In this role, Sandulli co-led the firm's sales and structuring efforts for structured products and was also responsible for product innovation and strategy, including the modeling, pricing and distribution of U.S. institutional and retail structured derivatives products. Before joining Morgan Stanley in 1995, he worked at Merrill Lynch in the Global Equity Derivatives group.

Silva comes to Wachovia Securities from Morgan Stanley, where he was most recently a managing director and co-head of U.S. Institutional and Retail Equity Structured Products. In this role, he oversaw all of the firm's structured products origination and sales efforts with such clients as hedge funds, insurance companies and pension funds. Silva began his career at Morgan Stanley in 2000. During his tenure at the firm, he helped build the London-based Equity Structured Products business. Before joining Morgan Stanley, Silva was a partner at Imperial Credit Asset Management in Los Angeles and previously worked at Merrill Lynch in the Global Equity Derivatives group.

In addition to Khanna, Sandulli and Silva, six other structured products professionals will also join Wachovia Securities from Morgan Stanley. The others are Don Brudie, George George, David Haynes, Meghan Maloney, Scott Miller and William Threadgill.

"Ajay, Rick and Rick are extremely talented individuals who bring leadership, proven experience and innovative ideas to our equity business. The equity structured products business is a major strategic focus of our firm, and the addition of these leaders, as well as the other team members who have come to our platform, will allow us to continue building this business," said Stevens.

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

Wachovia Capital Markets, LLC, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the New York Stock Exchange, the National Association of Securities Dealers, Inc., and the Securities Investor Protection Corp. Wachovia Securities International Limited is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority.

About Wachovia

Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.