Fleet Financial Group and BankBoston Corp. have released details about who will run the new Fleet Boston Corp.'s investment services group.
Eight of the 10 executives for the combined operation are from Fleet, including the chief investment officer and the head of the mutual fund complex. The banks announced the appointments in a joint statement Monday.
But the investment services group, which is to include the combined bank's brokerage and money management operations, will be headed by Bradford H. Warner, BankBoston's vice chairman in charge of regional banking, the companies previously announced.
The appointments will take effect after the $16 billion deal closes in the fall.
Though Fleet is seen as the bank that is "calling the shots," both bring strengths to the table, said Ellen McKay, a principal at Optima Group Inc., a Fairfield, Conn., consulting firm.
BankBoston has a strong marketing force, for example, and Fleet has a hefty discount brokerage operation, she said.
Thomas O'Neill, the managing director and chief investment officer of Fleet Investment Advisors, will be the chief investment officer of the combined unit.
The unit, which has not yet been named, would have $110 billion of assets under management, a BankBoston spokesman said. Ned G. Riley, BankBoston's chief investment officer, said Wednesday that he is looking at other jobs inside and outside the bank.
Robert Ash will head Fleet Boston's mutual fund family, which would combine the $19 billion he already manages in Fleet's Galaxy Funds with the $9.3 billion under management in BankBoston's 1784 Funds. Institutional sales will be run by Ronald Gwozdz, a Fleet senior vice president and managing director of large institutional sales.
Meanwhile, Thomas Quick will remain the president and chief operating officer of Quick & Reilly/Fleet Securities Inc. Leslie Quick will remain its chairman and chief executive.
The banking companies have not decided how to integrate their brokerage operations, but a task force is being formed to evaluate the options, a Quick & Reilly spokesman said.
The other appointments are:
Gary Anderson, the managing director of Fleet's retirement plan services group, will be the director of retirement products.
John Kemp will remain managing director of Fleet's Columbia Management Co., a Portland, Ore.-based asset manager that has $22 billion of assets under management.
Eileen Kraus, the managing director of Fleet's not-for-profit institutions investment group, will serve as director of not-for-profit services.
Kathleen McGillycuddy, who heads the global markets unit at BankBoston, will lead the private-clients group.