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Executive Moves

Fassnacht to Take Over Vanguard Windsor Fund

David R. Fassnacht will take the helm of the $19 billion Vanguard Windsor Fund. The move comes in connection with the announcement that Charles Freeman, 60, the head portfolio manager of the fund, will retire at the end of June.

Freeman is a SVP and partner in Wellington Management, which is responsible for investment advisory services for about 70% of the fund's assets. He has served as lead portfolio manager of the fund since 1996. Freeman was also the portfolio manager of the Vanguard Capital Value Fund.

Fassnacht, who has worked closely with Freeman on the Windsor fund, will lead the team responsible for Wellington's portion of the two funds' responsibilities, after Freeman's retirement. Fassnacht has worked as an equity research analyst on the Windsor Fund with varied sector responsibilities since 1991, the firm said.

CheckFree Subsidiary Names Studer Vice President

CheckFree Corp. subsidiary CheckFree Investment Services has announced that David Studer is its new VP for relationship management in its investment manager business department.

Calling Studer an "industry leader," the company said he has held the new position since November. "David brings extensive client side perspective and industry experience to his role at CheckFree," said Alex Marasco, the company's EVP and general manager.

Studer, 40, previously served as vice president of institutional and managed account operations at PIMCO, where he worked for 15 years. At PIMCO, Studer oversaw more than 35 employees, one million transactions per month from 11 trading platforms and the reorganization and consolidation of several firms acquired by his company.

CIBC Names McCaughey World Markets CEO, Chair

Canadian Imperial Bank of Commerce said that David Kassie, the chairman and CEO of the bank's CIBC World Markets unit has quit and is being replaced by Gerry McCaughey, vice chair of wealth management at the firm.

CIBC said Kassie's departure has nothing to do with the firm's recent regulatory troubles and that he left to "focus on other interests." McCaughey was approved by board and takes the helm immediately. McCaughey, 47, began his career as an account executive at Merrill Lynch in 1981.

Gualtieri Tabbed as New VP Marketing of Noah

Robert A. Gualtieri has been named vice president of marketing for the Noah Fund, a socially-responsible fund that bases its investment decisions on the teachings of the Bible.

Gualtieri is a member of the Fellowship of Christian Financial Advisors and an advocate of investing in a "Christian" manner. The Noah Fund, a $9 million large-cap growth offering, does not invest in companies with any type of direct or indirect relationship to alcohol, tobacco, abortion rights or pornography. It is based out of Newtown Square, Pa., and has been in existence since 1996.

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