Dean Witter Reynolds Inc. recently announced several hirings and promotions in its municipal institutional sales operation, contrary to market speculation earlier this year that the firm would scale back the department.

"We said we were going to utilize the institutional sales to support retail, and that's what we've done, but we were never getting out of the institutional side of the business," said Brian W. Devlin, senior vice president at the firm. "We have refocused, but we've been aggressive about replacing staff and are scheduled to add more."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.