The head of bank sales for Massachusetts Financial Services has been tapped to lead marketing and product development for the institutional side of the business.

Lisa Jones, who had run the bank sales division since 1993, took the new post at the beginning of the month, the company said. Her successor is Sean McLoughlin, who was a wholesaler covering metropolitan New York and New England.

The institutional side of the business has $17 billion of assets under management and handles retirement business in separate accounts and mutual funds.

Ms. Jones, who started a division to cater to bank trust departments, has taken that unit with her to the institutional side. Massachusetts Financial has $114 billion of assets under management.

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