Nvest, L.P. of Boston has broken out its Nvest Managed Account Services Company as a separate subsidiary in order to build sales through the broker/dealer and wrap channels, the company announced. Managed account services was previously part of Nvest Advisor Services.
As part of the move, Hugh M. Kelly, previously vice president and national sales director for Nvest Advisor Services, is now senior vice president and director of the newly-formed company.
"Broker/dealer fee-based programs are an increasingly important distribution channel for the mutual fund industry," Kelly said in a statement. "More and more investors are migrating from traditional brokers who charge commission for every trade towards fee-based financial consultants."