Kemper Securities Group Inc. announcd Friday that it had completed a restructuring of the firm and had promoted three executives to new positions, including one with oversight of the company's public finance functions.
Frederick Hosken, a senior executive vice president of Kemper Securities, assumed the new position of director of Capital Services, with overall responsibilities that include public finance, capital markets, corporate finance, fixed-income and equity research, equity-risk operations, and international activities.
Kemper's capital markets group will still be overseen by James Fitzgerald, a senior executive vice president, and the corporate and public finance functions will still be overseen by Jay Walters, a senior executive vice president who assumed that position in January as part of the restructuring.
Mr. Fitzgerald and Mr. Walters will report to Mr. Hoskens, according to Ellen Golin, a spokeswoman for Kemper Securities.
Two other senior executive vice presidents were named to new positions: Jeffrey Hahn as director of retail services and Stanley Fallis as director of administration.
James Boris, Kemper Securities Group chairman, said in a written statement that the new positions complete a 14-month restructuring of the firm's securities operations that has eliminated "duplications of administrative functions" among Kemper's five regional firms by centralizing many activities in Chicago.
"The cost reductions and other actions taken during the restructuring have had a positive overall pre-tax financial impact projected at more than $ 75 million," Mr. Boris said.
Kemper's five regional firms are: Bateman Eichler, Hill Richards; Blunt Ellis & Loewi; Boettcher & Co.; Lovett Underwood Neuhaus & Webb; and Prescott, Ball & Turben. According to the firm, Kemper Securities Group has $2 billion of assets and $278 million of capital.