First American Corp. of Nashville has recently gotten 25 of its correspondent banks to agree to sell the company's ValueStar family of mutual funds, a spokesman for the banking company acknowledged.
The agreements were first disclosed in a report by Salomon Brothers Inc. earlier this month.
The report said the agreements were part of a plan to increase the banking company's investments business in a "significant way." Success in this market could provide added incremental growth to bottom-line earnings," the report said.
The First American spokesman said the correspondent sales program was "just in its infancy," For this reason, bank officials were not willing to elaborate on the initiative at this time, he added.
Dave Nadig, senior consultant with Cerulli Associates Inc. of Boston, said it wasn't unusual for large banks to get smaller correspondents to sell mutual funds.
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American Skandia has hired Paul W. Widzowski to provide marketing and other support services to large bank clients.
As key account manager, Mr. Widzowski will work with clients such as Wells Fargo & Co. and Fleet Financial Group. Both have created proprietary annuities with help from the Shelton, Conn., company. American Skandia also markets its own line of annuities to financial institutions.
Mr. Widzowski joined American Skandia from Wood Logan, where he was marketing director and national manager of the bank services division. He has also served as a lawyer for Kemper Securities and Integrated, Resources. -- Karen Talley
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Towers Perrin, an international management consulting firm, has tapped Paul T. Johnson as a managing consultant in the financial institutions practice. Mr. Johnson will be based in Los Angeles.
He will help clients respond to market and regulatory changes. In the past, he has counseled banks on building revenues from fee income.
Mr. Johnson had been with Los Angeles-based CAST Management Consultants.
He started his consulting career with KPMG Peat Marwick as a senior Consultant in the financial institutions consulting group.
-- Kalen Holliday