Highmark Capital Management
, the asset management subsidiary of Union Bank of California, is internalizing its sales force.
, managing director at Highmark Capital, told the MFWire
that the Highmark previously had an internal sales force housed with SEI and an and an external sales force in its San Francisco office.
The internal sales desk operations, but not the employees, will be transferred from SEI's Oak, PA location to Highmark's San Francisco headquarters, Knopf says. The external sales force which covers eight regions, is already housed in the San Francisco office.
"This way we'll have greater control (over the sales force) and they will also be closer to the marketing team, research personal and fund managers. It will also help to have them in the same time zone," Knopf said.
In addition, there was some turnover associated with the internalization, according to Knopf, which has left Highmark hunting for a new national sales director and a new key accounts manager to complete its sales force.
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