Two key executives resigned from BankBoston Corp.'s insurance and investment products businesses last week, the company confirmed.

Cynthia Winslow, an eight-year veteran who had been director of retail sales for BankBoston Investor Services, left last week. Carmen Effron, president of the BancBoston Insurance Agency for almost two years, is leaving her position this week.

The spokesman said they left for personal reasons.

He declined to elaborate, and neither Ms. Winslow nor Ms. Effron could be reached for comment.

The departures come as the Massachusetts Division of Securities investigates sales and compensation practices at BankBoston's brokerage business.

The BankBoston spokesman said the resignations were not connected to that investigation.

State officials would not comment on the nature of the investigation, which was first reported in August.

But industry sources said the inquiry centers on whether the bank inappropriately moved investors from no-load mutual funds and annuities to products with broker fees.

The inquiry may involve another agency, the Massachusetts Division of Insurance. Spokesman Chris Goetchus said the department does not comment on investigations that may be ongoing.

These resignations come on the heels of the August departure of Allen W. Croessman, the bank's former managing director of investment products and services. Ms. Winslow had reported to Mr. Croessman.

The spokesman said BankBoston is looking for a successor to Mr. Croessman, who left for personal reasons.

For the past few months, Ms. Effron has had a voice-mail message saying she was away for personal reasons. On Friday the message simply said she was unavailable. A spokesman said Ms. Effron will be an independent consultant, but he said he did not know whether she would work for the bank.

Ms. Effron was part of an executive task force this year that was responsible for BankBoston's long-term strategy. She is a past president of the Financial Institutions Insurance Association and is a board member for that group and for the American Bankers Association Insurance Association.

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