Liberty Financial Services will run Chemical Bank's investment program while both organizations await regulatory approval for their joint, investment products venture.
The Boston-based company took advantage of the Memorial Day weekend to take the reins from Invest Financial Corp. Invest had run Chemical's investment products program.
Liberty deployed about 60 representatives in Chemical branches and opened for business on Tuesday.
"By setting it in motion this way, it gets us up and running," said Ronald S. Robbins, president of Liberty's bank group.
The interim operations will be known as "Chemical Investment Services, a service of Liberty Securities," Mr. Robbins said.
"A couple of the reps said this is going to be great because we can pick up the phone and say |Chemical,'" he added.
As it prepares to launch its joint venture, Chemical Investment Services Inc. has hired John J. McCann to run its back-office operations.
Mr. McCann, 52, who had been executive vice president of Equico Securities, the broker dealer unit of the Equitable Life Assurance Society of America, has 34 years' experience in financial services.
"He's had the experience of building a back office from scratch," said Mr. Robbins. "He knows the New York marketplace."
Mr. McCann has also been president and chief operating officer of Royal Alliance Associates Inc., which had acquired the broker-dealer unit of Integrated Resources Inc.
Before that he held a series of positions with Integrated Resources Inc.
Chemical Investment Services Inc. expects regulatory approval for the joint venture around August.
