BancSource Insurance Services, an investment products marketing frimin Minneapolis, has snared a top executive from across town at First Bank System.
Roger Lovretich was named senior vice president and sales director of BancSource.
Mr. Lovretich, 48, joined BancSource last week after six years at the $26.4 billion-asset banking company, where he oversaw mutual fund and annuity sales in four midwestern states.
BancSource officials said Mr. Lovretich ws hired to help the company grow from a regional marketer with limited services into a full-fledged operation with bank clients all over the country.
Mr. Lovretich's solid banking experience made him the best candidate to lead the new business charge, said David McDonald, BancSource's president.
The Minneapolis company currently serves five financial institutions in the Midwest, the largest of which is Metropolitan Financial Corp., Fargo, N.D.
Its parent company, Great-West Life and Annuity, Englewood, Colo., is behind the push to expand. Great-West bought BancSource last year, providing the company with a solid base for growth.
Mr. Lovretich is the latest in a string of bank executives to cast his lot with an investment products marketing company.
James Daniel, the head of Barnett Banks' brokerage, and Brian Doherty, who held a similar position at Keycorp, both joined marketer Wall Street Investor Services this year.
Mr. Lovretich said marketing companies offer potentially broader opportunities.
"This is a chance to develope in a growing industry," he said in a telephone interview. "Many banks out there need assistance from companies like ours."
Mr. Lovretich became acquainted with BancSource two years ago, when First Bank System bought Marquette Bank Minneapolis, then a BancSource client.
Stayed in Touch
First Bank System cut the unit's ties with BancSource, but Mr. Lovretich stayed in touch with BancSource founder Jeffrey Nevin.
"I got more and more interested in what Jeff was doing," Mr. Lovretich said.
The "clincher" ws Great-West's purchase of BancSource last year and subsequent resources the company committed, Mr. Lovretich said.
Great-West is in the process of adding sales representatives at BancSource and is scouting locations for regional sales offices, Mr. McDonald said.