National City has hired an i-bank to help facilitate the sale of its Allegiant Funds arm. The WSJ's Diya Gullapalli reports that the bank has hired Morgan Stanley to shop its asset management arm. Gullapalli says the decision to sell was made earlier this year. In addition to National City, Gullapalli reports that Fifth Third is reviewing options for its own asset management unit, Fifth Third Asset Management. Gullapalli also reports that KeyCorp could sell its Victory Capital Management unit as well.

All three banks are on the now infamous "Who is Next" (to fail) list published by Ladenburg Thalmann analyst Richard Bove. 

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