Financial Research Corporation hired former FundQuest executive James Graves as senior vice president of research management.

Graves is taking over part of the duties held by Larry Petrone, who, as reported by The MFWire.com last Friday, is leaving FRC at the end of next month.

"We're breaking up Larry's role into two," said FRC chairman Bob Hedges in an interview with The MFWire.com.

Graves will manage the subscription publications and the delivery of syndicated research, explained Hedges, who is also managing partner at Mercatus Partners. Mercatus bought FRC in 2008.

Graves was managing director for marketing at FundQuest, a unit of BNP Paribas. In that role, he was responsible for marketing and client communications regarding mutual funds, managed accounts, and annuity products for RIA, bank, insurance, and broker-dealer firms.

As for the second component of Petrone's job, the subject matter experts that have been reporting to Petrone will report to Hedges.

There will be a total of four directors of research, Hedges said.

FRC will be filling such roles focusing on retirement, investment products and advisor distribution.

"We're recasting the organization," he said. 

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