Mary Lehman MacLachlan has a job that a private banker probably would not have taken 10 years ago: selling mutual funds as investment management.

Ms. MacLachlan, a one-time trust and estates lawyer, spent 14 years with two of the leading stalwarts of private banking: as a managing director of domestic private banking of Bankers Trust New York Corp., and as head of sales for trust and private banking at U.S. Trust Corp.

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