The head of CU Master Services, the retail brokerage arm of Hughes Aircraft Employees Federal Credit Union, has left.

Bill Kay, who could not be reached to comment, left Dec. 21. The Manhattan Beach, Calif., institution declined to comment further.

Mr. Kay had led the brokerage since June 1994. The post is being filled temporarily by Thomas R. Graham, president of the credit union, while a search is conducted for a successor.

CU Master Services had revenues of $3.8 million from January through November 1998. The credit union is the 10th-largest in the nation, with 171,000 members and $1.8 billion of assets.

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