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DTCC Expands Roster, Elects Board Members

Susan Nugent, VP of relationship management for the Eclipse and Mainstay funds of New York Life Investment Management, has left the firm.

Nugent has joined the insurance services sales team at Depository Trust and Clearing Co. (DTCC) as business development manager, reporting to John Ziambras, VP of sales for insurance services. As DTCC expands its insurance services group, Nugent will help increase the client roster and expand usage of DTCC insurance services among carriers and insurance distributors.

Prior to NYLIM, Nugent served as VP of money market sales for the Canadian Imperial Bank of Commerce, selling to banks and corporations.

Meanwhile, DTCC shareholders have elected four new directors and re-elected 17 others to serve on its board of directors. The four new directors are: Jonathan Beyman, chief information officer at Lehman Bros.; Frank Bisignano, chief administrative officer and senior executive VP for Citigroup/Salomon Smith Barney's corporate and investment bank; Michael C. Bodson, managing director of the institutional securities division of Morgan Stanley; and Catherine Kinney, president, co-CEO and executive VP of the New York Stock Exchange.

The organization is a holding company for six subsidiary businesses, including a depository as well as five clearing corporations.

The DTCC also participates in a joint venture called Omgeo with Thomson Financial [Thomson publishes MFMN]. The organization is made up of banks, broker/dealers, insurance companies and mutual fund complexes. It serves as a clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks.

The organization also provides clearance, settlement and information services for equity, corporate debt, municipal debt, government securities, mortgage-backed securities and emerging market sovereign debt trades in the U.S.