October 23, 2006
Amvescap's Flanagan Re-Elected as ICI Chair
Martin L. Flanagan, president and chief executive officer of Amvescap, has been re-elected chairman of the Investment Company Institute, a one-year term. Paul Haaga, executive vice president of Capital Research and Management, has also been re-elected vice chairman, also a one-year term.
Flanagan joined Amvescap as president and CEO in 2005. Before that, he was with Franklin Resources for 13 years, his last post as president and co-CEO.
Haaga has been with Capital Research since 1985. Previously, he was a partner at Dechert Price & Rhoads and a senior attorney for the Securities and Exchange Commission's division of investment management.
SEC Promotes Dugan to Boston Enforcement Chief
The Securities and Exchange Commission has named John T. Dugan associate district administrator for enforcement in its Boston office, responsible for overseeing enforcement throughout New England.
Dugan succeeds David Bergers, who became head of the SEC's Boston district office in April. Previously, as an assistant district administrator for enforcement, Dugan worked on market-timing cases against Prudential Securities and MFS Investments and has been with the SEC since 1999.
"John is a lawyer with considerable talent and experience," commented Linda Thomsen, director of enforcement at the SEC. "He has also proven to be an excellent manager. I am confident that he will carry out the responsibilities of this important position with effectiveness."
Legg Mason Names Froude Head of U.S. Distribution
Legg Mason has appointed Donald E. Froude managing director and head of U.S. distribution.
With more than 30 years of experience, Froude is now responsible for sales, marketing, client service, product development and business development.
Froude joins Legg Mason from Columbia Management, the asset management arm of Bank of America, where he was president of intermediary distribution.
Froude has also worked as chief executive officer at Quick & Reilly and has served in key positions at Prudential Securities and Deutsche Bank Alex Brown.
"Don is an accomplished business leader whose diverse sales experience fits well with the mission of U.S. distribution as we build the new Legg Mason after the acquisition of Citigroup's asset management business in December 2005," said Mark Fetting, senior executive vice president and head of Legg Mason's managed global investments.
"His chief responsibility will be to grow our assets under management and build our U.S. business across a broader array of third-party distribution channels," Fetting added.
Stillwagon Becomes VP At Touchstone Investments
Touchstone Investments has promoted Todd Stillwagon from internal wholesaler to external wholesaler and regional vice president. In this role, he is responsible for business development in Florida.
Before joining Touchstone in 2003, Stillwagon was a financial adviser with American Express Financial Advisors and a transfer and exchange specialist at Union Central.
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