John Abunassar joined Allegiant Asset Management Company a little more than a year ago after leaving Bank One under a cloud. But that is not holding him back. This week National City named Abunassar as the new CEO for its asset management affiliate, replacing Ted Parker, who is now president and CEO of the bank. In that post, Abunassar will head the $12 billion, Allegiant fund business.

Abunassar joined Cleveland-based Allegiant in September of 2004 as executive vice president of its Institutional Business.

He took that post after leaving Bank One along with Mark Beeson in October of 2003 as that firm was under investigation for helping hedge funds market-time its funds. At the time, the investigators said that both Beeson and Abunassar had knowledge of the arrangements with the traders.

Despite leaving Bank One under a cloud after 11 years of service, Abunassar has shined at his new employer, leading its efforts to build its institutional distribution and create a new brand.

Indeed, National City Vice Chairman Jeffrey D. Kelly pointed to Abunassar's "experience and leadership" as reasons for the promotion.

At Allegiant, Abunassar has been responsible for institutional sales and consultant relationships, client service, marketing and product management. During the past year, the firm rolled out Allegiant as the common brand for the asset management company, its 30 mutual fund complex and institutional services. Allegiant also has expanded its distribution efforts and investment styles. 

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