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Executive Moves


Tolle Joins Forward Mgmt. As Director of Accounting

Forward Management has hired Barbara Tolle as director of fund accounting and operations. In this position, Tolle is responsible for fund accounting, administration, tax, regulatory issues and distribution services for the Forward Management family of funds.

She joins Forward Management from PFPC, where she was vice president and director of fund accounting and administration. Forward was one of the clients that she managed.

"Barbara will also play a key role in expense management and systems integration," said Alan Reid, president of Forward Management.

Tolle has been involved in providing accounting and portfolio valuation since 1973, holding executive positions with Vanguard, FPS Services and First Data Investor Services Group. In 1999, when PFPC acquired First Data Investor Services Group, Tolle became a director and vice president of accounting and administration.

Arden Asset Management Taps Friedson as CTO; Recruits Two Other Execs

Arden Asset Management, a manager of hedge funds-of-funds, has hired Barry Friedson, formerly director of Deutsche Bank's absolute return strategies technology group, as chief technology officer. In this position, Friedson will work with Arden's senior management team to further enhance the firm's technical infrastructure. He will report directly to Vikas Kapoor, executive director of risk management and technology.

In addition, Louis Rodriguez, former senior operations analyst at EIM Management (USA), has joined Arden's research team as a director, reporting to Henry Davis, managing director, and Natalie Birrell, chief operating officer.

Furthermore, Kira Bacak has joined the firm as a portfolio associate in the financial reporting and operations group. She previously worked as an accountant at SEI.

Glassman to Resign From Post as SEC Commissioner

Cynthia Glassman, a Republican commissioner with the Securities and Exchange Commission, announced plans last week to step down sometime after her term expires on June 5, as soon as the SEC finds her replacement.

Glassman joined the SEC in January 2002, at a time when the Commission began to grapple with the accounting and investment banking scandals, only to be followed by the mutual fund trading scandal.

"My term as SEC Commissioner has been the most exciting and fulfilling position of my career," Glassman said. "It has been a privilege to work with Chairman [Christopher] Cox, and his predecessors, Harvey Pitt and Bill Donaldson, as well as my fellow Commissioners. I am grateful to President Bush for the opportunity to serve investors in this role."

During her tenure, Glassman has championed investor education, enhanced disclosure and the increased use of economic and cost/benefit analysis in SEC rulemaking. Recently, she has been pushing for standardized Sarbanes Oxley rules. However, she was in the minority in voting against additional mutual fund and hedge fund regulation, and her votes have prompted opponents to legally challenge a number of these rules.

Prior to joining the SEC, Glassman worked for 12 years as an economist at the Federal Reserve. She did not indicate what she plans to do after she leaves, only to say that she plans to pursue new opportunities.

"Commissioner Glassman has been a stalwart proponent of investor protection, investor education and clear disclosure," Cox said. "Her perspective as an economist has been invaluable to me."

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