Mutual fund company Alliance Capital has once again reached into First Chicago NBD Corp. for an executive to help carry out its ambitious plan for peddling its wares through banks.
Patrick Walsh joined Alliance last week, filling the new post of business development manager for financial institutions. The former national sales manager at First Chicago's brokerage, Mr. Walsh is the second executive from the Chicago banking company to move to Alliance in two years.
Richard A. Davies, senior vice president and managing director of the financial institutions and advisers division, joined New York-based Alliance from First Chicago in 1995. Mr. Walsh will report to Mr. Davies, who was also his boss at First Chicago.
"We wanted someone with front-line experience at a bank brokerage to lend some credibility to our bank clients," Mr. Davies said in a telephone interview.
Alliance has been bolstering its bank-sales efforts, Mr. Davies said, and Mr. Walsh's experience lends itself to that initiative.
At the end of last summer, Alliance had five wholesalers dedicated to bank sales. It now has 14.
After Mr. Walsh left First Chicago, his responsibilities were divided among three sales managers, a spokesman said. Each manager is dedicated to one of First Chicago's three key states.
Wendy Coyne is now responsible for First Chicago Investment Service's Illinois business. She is a 15-year veteran at the bank, most recently as president of the high-profile North Michigan Avenue branch in Chicago.
Brokerage activities in Indiana will be managed by John Grimme. Mr. Grimme joined First Chicago from National City Corp., Cleveland. And Peter Babnis left Liberty Financial to manage the bank's investment operations in Michigan.
The three managers report to Richard Hawes, president of First Chicago's brokerage operations. Mr. Hawes had led the brokerage unit at NBD, and he took the helm of the merged division after Mr. Davies left.
The job restructuring resulted from Mr. Walsh's departure, the First Chicago spokesman said, and each manager will be based in the state for which he or she is responsible.
Mr. Walsh's move also prompted some changes at Alliance, Mr. Davies said. "We had an idea about changing the role" of the national sales manager. Rather than trying to elbow out competitors, Mr. Davies said, Mr. Walsh will push Alliance's plan to help bank programs increase total sales.
"We want to help them grow their business overall and then Alliance will do just fine," Mr. Davies said.
Mr. Walsh will be based in Chicago.