Robert Flowers, the new head of BankAmerica Corp.'s retail brokerage unit is in many respects a man of contradictions.
In his younger days, the 50-year-old veteran of the bank brokerage business spent 2 1/2 years studying to be a Jesuit priest.
In the Vietnam war. he was a Marine captain, receiving four medals for personal valor and conduct. In his spare time, Mr. Flowers races a 1974 Porsche 935 in competition.
The seeming contradictions extend into his professional life, as well.
Mr. Flowers spent a decade running retail brokerage subsidiaries of Banc One Corp. and First Union Corp. before landing his current job at BA Investment Services.
But he has also been a high profile critic of banks' rush to manage their Own mutual funds.
At an industry conference last year, he predicted that only about a dozen banks would be successful in running their own mutual funds. More than 100 currently , have proprietary funds.
Mr. Flowers' new employer arguably could be seen as proof that banks can run into trouble managing their own funds. Earlier this year, the San Francisco-company made two separate cash infusions, totaling $67.9 million, to shore up the share prices of two of its money market funds.
In a recent interview, Mr. Flowers said he still thinks that most banks Should avoid the mutual fund management business. But he sees his current employer as among the few that can make a profitable go of it.
But BankAmerica shouldn't count on Mr. Flowers to bend over backwards to make its Pacific Horizon family of mutual funds a success. That's because Mr. Flowers says that pushing proprietary products T- which some outsiders saw as his primary mandate is not part of his game plan,
"I don't think you want to force a sales force to sell a particular product." Mr. Flowers said. "The emphasis needs to be on what is fight for the client."
Robert Flowers BankAmerica Corp.
Robert Flowers has been hired to mn BA Investment Services, BankAmerica Corp.'s investment subsidiary.
Mr. Flowers will oversee the bank's retail investments sales force. Bank of America now has more than 400 brokers in Arizona, California. Hawaii. New Mexico. Nevada, Oregon, and Texas.
Career track:
1992-May 1994: President and chief executive. Banc One Securities Corp., Columbus Ohio'
1984-1992: President and chief executive, First Union Brokerage Services, Charlotte, N.C.
1980-1984: President and chief executive, Custom Motor Design and Manufacturing, Cincinnati, Ohio
1972-1980: Retail Broker, PaineWebber Jackson & Curtis, Akron, Ohio
1968-1972: Captain, United States Marine Corps. Served in Vietnam
Vital statistics:
Age: 50
Education: Bachelor's degree from Walsh University, Canton, Ohio Attended the Jesuit Seminary at Boston College, Newton, Mass. for two and a half years
Family: Wife, Reenee, and two sons, ages 11 and 18
Hobbles: Racing his 1974 Porsche 935, running, and playing golf
Distinctions: Earned four medals for Personal valor and conduct in the Marines
Recent reading: "What They Didn't Teach You at Harvard Business School"
