Concord Financial Group Inc., the leading distributor of bank-managed mutual funds, has promoted three executives, chief executive Richard E. Stierwalt announced.
Susan L. West, Concord's executive vice president since 1992, was named chief operating officer. She joined Concord in 1987 from the Vanguard Group, a mutual fund company in Valley Forge, Pa.
J. Christopher Klutch was named senior executive vice president of sales and business development. He had been executive vice president since 1992. He worked at Shearson Lehman Hutton, leaving to help set up Concord in 1987.
Dennis R. Sheehan was named executive vice president and chief financial officer. He joined Concord in 1992 as a senior vice president. Previously, he was president of Equico Securities, a unit of Equitable Life Assurance Society.
"These promotions recognize the important contributions these executives have made to the growth and success of Concord Financial Group," Mr. Stierwalt said.
Concord has $35.5 billion in bank mutual fund assets under administration. its eight bank clients, including BankAmerica Corp., Chase Manhattan Corp., and Barnett Banks Inc., offer more than 100 proprietary mutual funds.