New England Funds has named a new president and chief executive officer.

Bruce Speca, who was managing director and executive vice president of the fund group, succeeds Henry Schmelzer, who "is leaving to pursue other opportunities," a company spokeswoman said. The change, announced last Wednesday, took effect immediately.

Mr. Speca had been responsible for marketing and sales at the company for the previous 18 months.

New England Funds, Boston, does a small amount of business through banks: Less than 1% of its sales come through financial institutions. The company is a unit of Nvest, Boston, and has 22 mutual funds with more than $7 billion of assets under management.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.