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Executive Moves

State Street Promotes Two; Garrelick, Crouch Get Nod

State Street Research has promoted two of its employees into high-level retail positions, the company announced.

Jenine Garrelick, formerly State Street's regional sales director for the East Coast, is now head of national retail accounts. William Crouch had most recently served as a Boston-area regional vice president, in charge of selling mutual funds, 401(k)s and separate accounts to wirehouses, regional brokerages and independent broker/dealers. Crouch is now regional sales director, responsible for managing the East Coast wholesaling team. Garrelick will now report to Tom Holland, managing director and head of retail business, while Crouch will now report to Ira Hasson, director of national sales.

"Jenine and Bill have both made significant contributions to the retail sales team at State Street Research through their leadership and outstanding relationship-building capabilities," Holland said. "They both have a great deal of experience in this industry, and I am confident that in their new positions, they will continue to succeed in being superior mentors for their respective groups."

BNY Brokerage Taps Three Execs to Expand Marketing

Bank of New York subsidiary BNY Brokerage has hired three marketing executives to join its plan services team.

By naming Frederick Bailey as senior vice president and national sales manager of plan services, Kal Bassily as senior vice president and product manager of transition management, and Greg Trimboli as senior vice president for transition project management, BNY Brokerage President Carey S. Pack said the firm was adding to its commitment to serve "every stage of the investment life cycle."

Bailey, who comes to BNY Brokerage from a position as national sales manager for Ambac Securities, will head BNY's transition management sales, corporate buyback trading division and commission recapture services. Before Ambac, Bailey worked as a managing director of fixed income at Paine Webber.

Bassily, who has worked for Dresdner Kleinwort Wasserstein, Lehman Brothers and Deutsche Bank, is a chartered financial analyst with experience in both global positions and marketing and sales.

A former senior vice president and chief operating officer of BNY Direct Execution Inc., another Bank of New York subsidiary, Trimboli will be responsible for overall quality control and risk management at the brokerage unit, in addition to his main role of transition project management.

"These appointments reinforce our reputation as a premier agency brokerage firm offering multiple solutions to a wide range of institutional investors and will further develop the capabilities of BNY Global Transition Management," Pack said

Old Mutual Taps Director Of Global Development

Tim Cumming, CEO of the South African Old Mutual Asset Managers, has moved into the company's United States equivalent, Old Mutual Asset Management, as executive vice president and director of global development, a new position. The 20-year industry veteran will report to Old Mutual CEO Scott Powers. "Tim is uniquely qualified to direct our global business and product development efforts," Powers said. Before joining Old Mutual in 1998, Cumming was executive director at HSBC Securities South Africa.

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