A pair of fund executives from two UBS units have jumped ship. Jim Mullery, who headed non-proprietary mutual fund distribution for UBS PaineWebber has joined Fred Alger Management while Steve Fisher who headed retail mutual fund product development at UBS Global Asset Management has taken a newly created post at New York Life Investment Management.

Mullery has reportedly taken a newly created executive post covering distribution at Alger as part of that firm's efforts to broaden its reach into various distribution channels. Mullery reports to Jim Connelly, vice chairman. Connolly was not available for comment on the hiring.

He reported to David Zoll, director of national sales at UBS PaineWebber and has not yet been replaced, according to industry sources. His last day at the firm was last week.

Meanwhile, Fisher will be take the title of managing director in charge of product development on the NYLIM retail team, confirmed a spokesperson for that firm. He reports to Steve Roussin, president and COO of NYLIM. At UBS Global Asset Management he had reported directly to CEO Brian Storms heading mutual fund product management.

Fisher has been replaced Doug Beck, according to a UBS spokesperson. 

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