Keystone Investments Inc. has revised the roles of two executives in its sales unit, a move the small mutual fund company said will help it reach more brokers at banks.

The Boston-based fund company, which manages $9.6 billion in assets, has given a new role to Peter Delehanty, a senior vice president in charge of the company's sales to banks.

Mr. Delehanty now heads Keystone's marketing efforts to all of its distribution channels in addition to overseeing corporate communications.

The other executive involved is C. Wesley Carr, currently senior vice president, national sales manager in charge of sales to brokerages and financial planning. Mr. Carr adds banks to his bailiwick.

Both executives report to Ralph Speuhler, president of Keystone's distribution arm.

Mr. Delehanty will design marketing materials and develop training programs to support the company's sales efforts to banks, brokerages, and independent financial planning firms.

Mr. Carr will oversee a staff of 25 "wholesalers," or salespeople who promote the company's funds and offer training to brokers across the country. He also oversees the company's 12 telemarketers and business development officers who seek out new clients.

The six wholesalers dedicated to banks will continue to focus on that channel, said Mr. Speuhler.

Banks are relatively new at offering investment advice to their customers, and demand a lot of help from mutual fund companies.

"A disproportion of our marketing efforts are geared to that channel, so we find it a plus having someone in charge that understands the needs of banks," said Mr. Speuhler, who oversees both Mr. Delehanty and Mr. Carr.

Banks contribute 10% of Keystone's total sales, up from 7% last year. But the rocky performances of mutual funds for the industry in 1994 hurt the company, knocking yearend sales down 50% below the year before.

Mr. Speuhler said consolidating the sales units will benefit Keystone's sales to banks. Previously, no unit was targeting bank-based brokers who were employed by independent broker-dealer firms.

The bank-dedicated wholesalers only targeted brokers employed by banks.

Mr. Speuhler offered as an example Keystone's relationship with LPL Financial Services, a large broker-dealer which employs more than 2,000 independent brokers and several hundred placed in banks. Keystone has failed to reach those brokers.

LPL's national sales manager, James Putnam, said he wished more fund companies considered this problem.

"I don't care how a mutual fund company organizes itself, as long as all of my reps are hearing from them. But many get lost in the shuffle," he said.

While Mr. Speuhler said the executive changes should help the company's sales to banks, others said the company's past efforts with banks have been less than successful.

Keystone stopped acting as administrator of four bank clients that manage their own mutual funds more than a year ago. The company also had five money market funds it promoted to bank trust departments, but it didn't find that business lucrative either, and got out more than two years ago.

"Keystone has been in and out of the bank market for over 10 years," said Geoffrey Bobroff, a consultant in East Greenwich, R.I.

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