FLEET/NORSTAR FINANCIAL GROUP ANNOUNCES RESTRUCTURING OF TRUST DIVISIONS
FLEET/NORSTAR FINANCIAL GROUP ANNOUNCES RESTRUCTURING OF TRUST DIVISIONS PROVIDENCE, R.I., April 9 /PRNewswire/ -- Fleet/Norstar Financial Group (NYSE: FNG) announced today a restructuring of its six trust divisions into a single business unit that will operate as Fleet Investment Services. The announcement was made by Richard H. Jones, vice president of Fleet/Norstar and president of Fleet Investment Services. Fleet/Norstar's move to reposition its trust departments into Fleet Investment Services reflects a significant commitment to investment products, including mutual funds, portfolio management for high net worth individuals, asset allocation services and institutional portfolio management. It also represents a strategic shift to compete more aggressively with national brokerage and mutual fund companies. "We are no longer just a trust department," said Jones. "We have changed our name and repositioned our company to more clearly communicate that we are in the investment management business. Working with our portfolio management subsidiary, Fleet Investment Advisors, which is chaired by Harold Mackinney, we manage more than $28 billion of other people's money. With our new focus and positioning, our intention is to aggressively pursue new business opportunities while greatly expanding the number of products that we provide. Additionally, we have made a tremendous investment in technology that will enable us to increase both our capacity and, most importantly, the service levels that we provide to our clients." With the launch of Fleet Investment Services, Fleet/Norstar will concentrate on three distinct business opportunities: Personal Asset Management Formerly marketed under the names Westminster Account in New England and Plaza Account in New York, Fleet's Personal Asset Management Service combines fee-based portfolio management with estate, tax and retirement planning, and complete transactional capabilities. A special feature of Fleet Personal Asset Management Service is the dedication of both a highly trained Client Service Officer and an experienced investment officer to each client. Institutional Asset Management This area includes investment management and administration of Employee Benefit Plans -- particularly 401(k) -- Endowment Management, Planned Giving Services, and Institutional Custody Services. Fleet has restructured its sales force and servicing units to emphasize quality service and local delivery through its expansive distribution network. Mutual Fund Activities Fleet/Norstar will aggressively promote the 15 Galaxy Mutual Funds to both retail -- primarily through Fleet/Norstar banks -- and institutional audiences.
These Funds, which are managed by Fleet
Investment Advisors, will be offered on a stand-alone basis, as well as in conjunction with "needs-based" programs focusing on retirement planning, education financing and long-term wealth accumulation.
The Galaxy family of funds are sold without sales charge and are generally intended for the long-term mutual fund investor who seeks consistent returns with less volatility than many funds may experience. With five equity funds, five taxable or tax-exempt bond funds, four money market funds and an asset allocation fund, Galaxy presents a large number of investment alternatives to today's lower yielding deposit investments. The Galaxy funds will be available through all Fleet/Norstar bank branches, and can be purchased on a direct basis via a toll-free phone number fron the funds distributor -- 440 Financial Group. Fleet /Norstar Financial Group is a diversified financial services company listed on the New York Stock Exchange. Fleet/Norstar has approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing. -0- 4/9/92 /CONTACT: Robert W. Lougee, Jr., vice president-corporate communications, 401-278-5879, or Charles T. Conway, Jr., 401-278-6240, of Fleet/Norstar Financial Group/ (FNG) CO: Fleet/Norstar Financial Group ST: Rhode Island IN: FIN SU:
SH -- NE011 -- 6749 04/09/92 11:41 EDT
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|Date:||Apr 9, 1992|
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