August 30, 2004
Fornelli Leaves SEC For Bank of America
Cynthia Fornelli, deputy director of the Securities and Exchange Commission's division of investment management and a major player in the agency's attempt to fix the mutual fund industry, is leaving her position there to take on the role of senior vice president and compliance executive for securities regulation and conflicts management at Bank of America.
Fornelli, who has worked at the Commission since June 1999 after spending years in private practice at Washington-based firms Dechert Price & Rhoads and Fried, Frank, Harris, Shriver & Jacobson, "had an outstanding career at the Commission," according to Paul Roye, director of the division of investment management. Her law degree is from George Washington University.
"Cindy has played a critical role in the Commission's mutual fund reform efforts, said SEC Chairman William Donaldson. "I am pleased that Cindy will be leading a significant industry player in its conflicts management function. Her contribution at the SEC has been substantial, and she will be missed."
Alliance Promotes Lesmeister to Senior VP, National Sales Manager
H. Michael Lesmeister has been promoted from divisional sales manager to senior vice president and national sales manager of AllianceBernstein Investment Research and Management's investment adviser division.
Lesmeister, 36, will report to Frederic L. Bloch, president of U.S. sales. "I am tremendously pleased that Mike has taken on this role," Bloch said. "His considerable sales experience and his strategic and analytical strengths make him the right person to build this business for AllianceBernstein."
Lesmeister has worked for the company, a subsidiary of Alliance Capital, since 2001. As divisional sales manager, he worked mostly with financial institutions and advisers. Before coming to AllianceBernstein, Lesmeister worked for five years at Evergreen Investments as a regional director, after starting his career at First Union.
"There are many exciting opportunities to explore in the registered investment adviser community," Lesmeister said. "These firms have a longstanding commitment to client service and to maintaining the highest ethical standards, which are business tenets that are equally important to AllianceBernstein. In the coming months, I look forward to meeting with a number of fee-only advisers to discuss ways we can best leverage our resources and provide the ultimate benefit to our clients."
PFPC Hires Korn as Vice President of Sales
PFPC, the mutual fund back-office subsidiary of PNC, has named John F. Korn vice president of sales. In this role, Korn will be primarily charged with developing new business in the PFPC sub-accounting arena.
Korn most recently worked in the Middle East and Europe for J&W Seligman, selling offshore products. Before that, he worked as a manager of marketing products for the firm's mutual funds and fixed income funds. During his career at Seligman, he has also managed broker/dealer relationships for Seligman Data Corp.
He will work out of PFPC's Valley Forge, Pa., offices and report to PFPC International Managing Director of Sales Kevin Melancon. Korn is a graduate of Moravian College in Bethlehem, Pa. PFPC is a specialist in fund recordkeeping, tax reporting and data consolidation.