Kelmoore Investment Company is fulfilling a promise that it made at the end of last year to double its sales force. Today, the firm announced that it had promoted three executives as part of the expansion. It has also expanded its outside wholesale force to 15, according to sources at the company.

Altogether, Kelmoore is expanding the number of geographic regions covered by its wholesale force to 22 from eight prior to the expansion. It is also increasing the ratio of inside wholesalers to outside wholesalers to two-to-one from four-to-one.

Michael N. Loukas, who was recently promoted to senior vice president and national inside sales manager, told the MutualFundWire.com that the firm currently has 15 outside wholesalers in place and has made offers to four more which were accepted. That means that two to three potential additions on outside. The firm expects to fill the positions by August, said Tammy Heiman, senior executive vice president of marketing and operations at Kelmoore.

Loukas said the firm is seeking three more internal wholesalers to bring its roster to 11 from eight currently. The internal force reports to Loukas and all of the positions are located in Palo Alto, California. He added that the firm is seeking candidates with either two years of internal wholesaling experience or experience as a retail broker. Candidates should also already hold a series seven license.

The firm also announced the promotions of three executives, including Loukas. Drew Devereaux was promoted to senior vice president and eastern divisional sales manager and is now responsible for Kelmoore's sales efforts in the eastern region of the US. The western division will now be headed by Gregory W. Genovese, who was also promoted to senior vice president and western divisional sales manager.

All three executives report to Rick Schilffarth, Jr., senior executive vice president and national sales manager.

The firm also announced the identities of three of the new members of its Western sales team who each report to Genovese. They are:

Donna Alexander, regional vice president, will cover the regions of Central California from Fresno to Los Angeles.

Bill Axelson, regional vice president, will cover the regions of Arizona, Nevada, and New Mexico.

Art Villar, regional vice president, will cover the regions of Colorado, Utah, and Nebraska. he joins the firm from SunAmerica Securities.

Finally, Kelmoore announced the identities of four of the new members of its Eastern sales team who each report to Devereaux. They are:

Kenneth N. Chase, regional vice president, will cover upstate New York. Most recently he was an independent financial planner with the Independent Broker Network.

Jim Harrison, regional vice president, will cover the Carolinas, Tennessee, and Southern Virginia.

Chip Humphrey, regional vice president, will cover Georgia, Alabama, and Mississippi. Most recently, he was regional director for the Southwest region with Villanova Capital.

Robert W. Gennari, Jr., regional vice president will cover the Long Island and New York City. Prior to Kelmoore, he was regional sales representative with Oppenheimer Funds.

Related Stories: Timing is Everything, 01-26-2001

Kelmoore Gets Passport Pix for New Fund, 12-08-2000

Go West Wholesalers!, 12-06-2000

Fund Firm Seeks IPO, 11-08-2000

Fund Firm Starts VA Push, 09-22-2000

Kelmore Adds to Wholesale Team, 07-27-2000

Kelmoore Gets an A, 11-04-1999

Kelmoore Launches Covered Option Fund, 06-03-1999  

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