Financial Research Corp. (FRC) says Bob Hedges, the chairman, will focus more on managing operations, and Bruce Fador, the chief executive, will focus more on strategic initiatives.

FRC, Boston, an asset management market research firm, says Larry Petrone, the director of research, will leave the firm at the end of September. Hedges will take over as head of research.

FRC will be providing more data on the variable annuity and 401(k) plan markets, Fador says.

FRC recently formed a development and distribution arrangement with Summit Business Media L.L.C., Erlanger, Ky., the parent of National Underwriter Life & Health and the NU Online News Service. FRC will be providing content for Summit publications such as Investment Advisor and Research.

In related news, FRC has hired James Graves to be senior vice president, research management. Graves previously was managing director for marketing at FundQuest Inc., Boston, a division of BNP Paribas.

Graves has a bachelor’s degree from the University of Virginia and a master’s degree in business from the University of Virginia.

-ab