NationsBank Corp.'s consolidation with Boatmen's Bancshares continued this week as the president of the combined asset management division, Owen G. "Bob" Shell Jr., announced the formation of three new entities.

The private client portfolio management division, which has approximately $50 billion under management, has been tentatively dubbed "NewCo." A spokeswoman for Charlotte-based NationsBank said could not say what the unit's name would be in the future, because the banks are still awaiting regulatory approval for their merger.

NewCo. will be run by Martin E. "Sandy" Galt 3d. Mr. Galt will also have responsibility for Boatmen's Trust, part of the combined bank's institutional asset management business. Personal trust administration will operate under the name NationsBank Trust.

The other new groups are Boatmen's Capital, a fixed income manager with an "active duration" style for institutional clients, and NB Capital Management, another institutional asset manager with several products. TradeStreet Associates Inc., overseen by Andrew M. Silton, will continue to run both equity and fixed income investments for institutions.

Although the separate names may be confusing to outsiders, a NationsBank spokeswoman said they denote investment styles and services the clients of both banks are used to receiving.

"Clients are asking for different things. The bottom line is finding the best way to serve their needs," she said.

Other announced assignments followed a straighter line. Lyle Brizendine, who ran corporate and institutional trust for Boatmen's, was named NationsBank's institutional trust executive. He will report to Mr. Galt and be responsible for institutional master trust administration, operating under the Boatmen's Trust name.

Mark H. Williamson, who ran NationsFunds, was named as the consumer investing executive to oversee mutual funds as well as the full-service and discount brokerage business. Charles R. King, the president of NationsSecurities, will continue to run the full-service brokerage, while taking on added responsibility for retirement services and products for individuals and businesses.

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KeyCorp increased its base of private banking and investment management clients by 15% in 1996, according to Daniel J. Klimas, an executive vice president at the Cleveland-based banking company.

Last year, the bank hired 75 account managers to work in existing bank branches in the Great Lakes region, upstate New York, New Hampshire, Vermont, Denver, Salt Lake City and Seattle. Mr. Klimas attributed the new clients to those recruits.

The rate of new client growth in 1995 was 10%, Mr. Klimas said.

KeyCorp defines private clients as those with annual incomes of at least $100,000 per year and at least $250,000 to invest. The number of households that fit that bill has increased at an annually compounded rate of 11.5% since 1990, according to Tampa-based Payment Systems Inc.

The bank's efforts have been squarely focused on getting more business out of current clients in established branches, Mr. Klimas said. About 50% of existing private bank clients, who had loans or kept most of their money at KeyCorp in deposit accounts, opened brokerage accounts.

"It does not make sense to go outside the banking footprint," Mr. Klimas said. "It's very expensive to go into a market where you don't have recognition."

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