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CONCORD FINANCIAL GROUP PROMOTES THREE EXECUTIVES; CHRISTOPHER KLUTCH, DENNIS SHEEHAN AND SUSAN WEST NAMED TO TOP POSITIONS

 NEW YORK, July 15 /PRNewswire/ -- The promotions of three executives were announced today by Richard E. Stierwalt, chief executive officer of Concord Financial Group, Inc., the largest distributor of proprietary bank mutual funds.
 -- J. Christopher Klutch, executive vice president, was named senior executive vice president of sales and business development.
 -- Dennis R. Sheehan, senior vice president, was named executive vice president and chief financial officer.
 -- Susan Lea West, executive vice president, was named chief operating officer.
 "These promotions recognize the important contributions these executives have made to the growth and success of Concord Financial Group," said Mr. Stierwalt. "This past Spring, just six years after our founding, Concord became the No. 1 administrator and distributor of bank-related mutual funds. We reached this milestone in large part as the result of the dedication and work of these very talented executives."
 Mr. Klutch joined Concord in 1987 as one of the company's founders. He was named executive vice president in September 1992. Mr. Klutch worked at Shearson Lehman Hutton's Institutional Funds Group before coming to Concord.
 Mr. Sheehan joined Concord as senior vice president in September 1992. Previously, he was president, CEO and chairman of the board of Equico Securities, a wholly-owned subsidiary of Equitable Life Assurance Society of the U.S.
 Ms. West joined Concord immediately after its founding in 1987 from the Vanguard Group. She was appointed executive vice president in September 1992.
 Concord Holding Corporation is the No. 1 administrator of proprietary bank mutual funds with $35.5 billion in mutual fund assets under administration (as of June 22, 1993). Its various broker/dealer subsidiaries are distributors and sponsors of more than 100 proprietary mutual funds.
 -0- 7/15/93
 /CONTACT: Laura Berger, or Stan Appenzeller, both of Arlen Financial Communications, 212-966-5100, for Concord Financial Group/


CO: Concord Financial Group ST: New York IN: FIN SU: PER

LD -- NY006 -- 1802 07/15/93 09:30 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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