Keystone Group Inc. has appointed Albert H. Elfner 3d chairman and chief executive of its investment management services company, replacing George S. Bissell, who is retiring.

Mr. Bissell, who has been chairman of the Boston-based mutual fund company for 16 years, will continue to serve on Keystone's board of directors. He also retains his post as chairman of the board of trustees for Keystone's mutual fund family.

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