Change at the Top at ABN Amro Brokerage
Alger "Duke" Chapman, vice chairman of ABN Amro Inc., has taken on the duties of president of Chicago-based ABN Amro Investment Services Inc., the U.S. brokerage arm of the Dutch banking company's LaSalle Bank.Mr. Chapman, 68, who is also chairman and chief executive officer of the unit, succeeded Thomas Ryan as president.
Mr. Ryan, 48, left the company to pursue other interests, an Amro spokeswoman said. No other information was available, she said.
Mr. Chapman will head the brokerage arm for the foreseeable future, the spokeswoman said.
Amcore Appoints Trust, Brokerage Chief
Amcore Financial Inc. has named David W. Miles president and chief executive officer of its trust and brokerage services arm, Amcore Investment Group.He was also named executive vice president of Rockford, Ill.-based Amcore Financial.
Mr. Miles, 42, succeeds Alan W. Kennebeck, who left Amcore in February to become senior executive vice president for retail services at Memphis-based Union Planters Corp.
Mr. Miles will also oversee the banking company's electronic commerce initiatives and will remain president of Amcore's proprietary mutual fund group and senior managing director of Investors Management Group, the asset management division.
Amcore also named Patricia Bonavia, 49, executive vice president and chief operating officer of Amcore Investment Group.
She will take charge of Amcore's private banking unit, which Mr. Miles had previously overseen. She will continue to serve as president of the investment group's brokerage and retail services division. The changes were effective March 15th.
- Amy L. Anderson
American Century Adds Venture Capital Unit
American Century Investments said it launched a venture capital arm this month that will invest in "early-stage companies" that have technology or products that could be used to improve the fund company's business.American Century Ventures plans to invest up to $100 million globally over the next four years. It will not invest in companies that it does not do business with, a spokeswoman said. American Century, which is partly own by J.P. Morgan &Co., has dabbled in the venture capital business.
The Kansas City, Mo., company is launching the unit on the basis of successful investments totaling $38 million in seven companies, the spokeswoman said. American Century made its first investment in 1997 in Optimark Technologies, which designs and builds matching facilities for markets and exchanges.
- Cheryl Winokur
Bar Harbor Names Financial Services CEO
Bar Harbor Bankshares in Maine named Paul G. Ahern president and chief executive officer of its financial services arm, BTI Financial Services. Mr. Ahern, 40, was previously an executive vice president at BTI. He succeeds Dwight Eaton, 64, who is retiring. Mr. Eaton will remain chairman of the board. All the changes are effective immediately.BTI was formed in October to house Bar Harbor's investment capabilities. It encompasses Harbor Trust Services, Block Capitol Management, an asset manager, and Dirigo Investments Inc, a broker-dealer acquired by Bar Harbor Bankshares last December. Mr. Ahern will also continue to serve as one of Block Capitol's portfolio managers.
Though Bar Harbor has just $455 million in assets, executives were anxious to keep up with other banking companies offering investment services, Mr. Ahern said. Mr. Ahern said BTI will help enhance the bank's asset base.
Mr. Ahern has been with Bar Harbor since 1993, when he joined the bank as a trust and investment officer.
- Matt Ackermann