Evergreen Investments names Cestone as new Tattersall high yield managing director, hires team

By Angela McDaniels

Seattle, March 1 - Evergreen Investments appointed Andrew Cestone managing director and head of Global High Yield for Evergreen affiliate Tattersall Advisory Group, according to a company news release.

In this role, Cestone will oversee several high-yield bond portfolios and institutional separate accounts, will have oversight of Evergreen High Yield Bond Fund, Evergreen VA High Income Fund, Evergreen Income Advantage Fund, Evergreen Select High Yield Bond Fund and will be co-mananger of Evergreen Managed Income Fund, Evergreen Diversified Bond Fund and Evergreen Utilities and High Income Fund.

He will report to Bob Calhoun, chief investment officer of Tattersall Advisory, and will succeed Gary Pzegeo as lead portfolio manager on the high-yield bond portfolios. Pzegeo has been acting as interim head of the high-yield team.

Cestone will assumes lead portfolio management responsibilities on July 2, and at that time, Pzegeo will transition to a senior fixed-income portfolio specialist role and will be responsible for product management, account management, client reviews, sales and client service support.

Cestone will be joined by five analysts he worked with on the Deutsche Asset Management high-yield team: Charles (C.J.) Baldoni, Michael Brown, Howard Bryerman, Eran Grumberg and Robert McLaughlin.

Cestone and the additional team members will be based in Philadelphia.

"In their prior roles, Andrew and the new high-yield team members applied a research-intensive, risk-conscious approach that delivered consistent, top-quartile performance over the past several years," Calhoun said in the release.

From 1998 through 2006, Cestone was employed by Deutsche Asset Management, spending the majority of his tenure as managing director and chief investment officer for high-yield fixed-income portfolios worth more than $4 billion.

Previously, he was an investment analyst with Phoenix Investment Partners, where he had credit research responsibility for Phoenix High Yield, Emerging Markets and Multi-Sector mutual funds. From 1993 through 1997, Cestone held several roles at Bank of America (formerly Fleet Financial Group), including credit officer and portfolio manager.

Evergreen Investments is the brand name under which Wachovia Corp. conducts its investment management business. The company is based in Boston.

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