Reorganizing its asset management business again, NationsBank Corp. announced Monday that the former president of Boatmen's Trust Corp. has taken charge of all investment management activities.
Martin E. "Sandy" Galt 3d, who has run private client portfolio management and one of NationsBank's fixed-income investment management units, has taken on responsibility for $120 billion of assets under management in several subsidiaries.
"At Boatmen's Trust Corp., I'd been responsible for those duties. It seemed natural for me to do that rather than something different," Mr. Galt said.
"It shows that NationsBank goes on its claim of a meritocracy-you're rewarded for what you do, not who you know," he added.
Based in St. Louis, he reports to Owen G. "Bob" Shell, president of the asset management group, which also includes credit, deposit, and personal trust services.
Mr. Galt is picking up duties previously handled by John Munce, who the company said was promoted to a new position, "affluent customer champion." Mr. Munce reports to Kenneth D. Lewis, the president of the bank, and oversees cross-sales for that market segment.
Mark Williamson, who runs the bank's mutual fund complex, has taken on responsibility for its discount and full-services brokerages as executive for consumer investments. "It's a move to focus," a consultant close to NationsBank said of the restructuring. "Putting all investment management under one person makes sense."
Since NationsBank announced last year that it was buying Boatmen's, the asset management group has lost executives and institutional clients in the St. Louis market. It also gave different titles at different times to several people in management, including Mr. Galt.
When asked if the merger-related disruptions had run their course, Mr. Galt said, "I believe so."
He now oversees TradeStreet Investment Associates, the bank's broadest money manager; Gartmore Global Partners, an international investment management joint venture; and two fixed-income managers, Boatmen's Capital Management and Sovran Capital Management.
The former head of TradeStreet, Andrew M. Silton, left NationsBank this month. The former head of Gartmore, Charles G. Smith 4th, left this year. u
