hat's going on at Fleet Investment Advisors
? Is it really a distribution consolidation, or is the Boston-based firm yet the latest victim of layoff fever? It is hard to know exactly what is going on in the executive suites there, but the MutualFundWire has confirmed that Bob Ash
, the head of wholesaling at Galaxy Funds and the chief operating officer, and Rich Joseph, a managing director at Fleet Investment Advisors and the director of national accounts, have been let go to "pursue other interests."
Playing on the restructuring is the distribution strategy shift. Last fall's decision to move their wholesalers into Quick & Reilly's complex eliminated the two positions, according to a company spokesperson, because the distinct management structure no longer had a place in the broader, brokerage-oriented sales organization.
Ash and Joseph's direct reports will answer to Glen Martin, the director of marketing and interim head of funds.
Galaxy Funds has approximately $31.6 billion in assets under management.
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