He will also create and direct a new sales group that markets specialized financial products to small institutional accounts.

Some managers deal exclusively with individuals, while others also handle institutional accounts.

Dealers involved in the transaction said demand for the new issue was good from both retail and institutional accounts.

After the employment report we saw institutional accounts buying securities.

At the time, the size of the average institutional account was $100 million.

While the firm now provides full services to some 1,600 institutional accounts, the top 400 make up about 80 percent of the business.

She was an assistant art curator and a market research associate in institutional accounts for the company.

"It's the same thing we would do if we started up a new institutional account," he added.

He also manages about $5 billion in institutional accounts.

So far, he said, the squad has six "institutional accounts."