Federated Investors has combined its bank trust sales force and its bank brokerage sales team, a senior executive confirmed.
"We centralized all bank sales and marketing in one group because the distribution systems are coming together at many major banks," said James F. Getz, president of the Pittsburgh company's Federated Securities Corp. unit.
Most banks do not yet have unified trust and brokerage units, but many are moving in that direction, he said.
The new structure, adopted in January, is en-abling Federated to improve service to all bank channels, said Mr. Getz. The company has traditionally been known for sales through bank trust departments.
Tony Fadool, senior vice president, continues to oversee bank retail distribution, and Mark Gensheimer, executive vice president, remains head of bank trust sales and marketing. Both now re-port to Mr. Getz. Before the restructuring, Mr. Gensheimer reported to Glen R. Johnson, president of Multitrust Systems, Federated's bank trust product line.
Federated has 25 sales representatives who report to Mr. Fadool and 30 under Mr. Gensheimer who call on bank trust departments.