Chase Manhattan Corp. last week reorganized its investment management group, appointing executives to direct key activities across client segments.

Under the new structure, a single executive will oversee functions such as strategic planning or product development for all Chase investment clients. Previously, most of the company's four primary investment client segments-retail, middle market and small business, private banking, and institutional-had their own managers for each function.

The change "allows us to capitalize on the expertise that may be today serving one of those channels that we can now leverage into another," said Deborah L. Duncan, executive vice president of the banking company's global asset management and mutual funds group. Before the reorganization, the unit was known simply as global asset management.

The new assignments for managers are: Alphonse J. Briand, strategic planning; Sarah E. Jones, marketing and sales; Joel Katzman, alternative investments; Mary Maguire, product development; Stephen E. Prostano, finance and administration; Mark R. Richardson, chief investment officer; and Joanne Taylor, operations and technology.

Ms. Jones continues as president of Chase Mutual Funds Corp. Mr. Prostano is also chief operating officer of Chase asset management, the institutional asset management operation.

"The idea here is that not only our salespeople but all of our staff understands the full capability of what we have in global asset management and mutual funds," Ms. Duncan said.

That way, she added, they "can talk intelligently and, in the case of salespeople, sell intelligently the full product array."

Ms. Duncan said the restructuring "is not expense-driven. It's really to position us to utilize resources effectively and help us grow."

The reorganization is part of a drive to double assets under management in three years.

Chase managed $177 billion at June 30, a 6% increase from the prior quarter. The growth came from all areas, according to a spokeswoman. For example, assets in the Chase Vista mutual funds rose 7.6%, to $42 billion.

Though investment products are often developed for one market and then enhanced later for another, Chase could devise distribution strategies for a new fund from its start, said Joy Montgomery, president of Money Marketing Initiatives, a Basking Ridge, N.J., consulting firm.

"There certainly is ample opportunity to do more cross-selling within the Chase customer base," she said.

Exemplifying the strategy of moving products across all client segments at Chase is the growth investment style managed by Chase Bank of Texas. Ten mutual funds, dubbed Chase Funds, were created in January by the conversion of assets in commingled funds that were limited to clients in Texas.

At first Chase Funds were introduced to institutional retirement clients, including 401(k) plans, but on July 31 a share class without sales charges was rolled out to the retail market.

The Chase Funds had $655 million by the end of the second quarter. Next month Chase will send statement stuffers for the no-load funds to credit card customers nationwide.

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