October 15, 2007
OppenheimerFunds CEO Murphy Now ICI Chairman
The Investment Company Institute's board of governors has elected John V. Murphy, chairman and chief executive officer of OppenheimerFunds, chairman of the ICI. He succeeds Martin L. Flanagan, president and CEO of Invesco, who will now become vice chairman.
Murphy became president of OppenheimerFunds in 2000 and chairman and CEO the following year.
The ICI has also appointed nine new members to the board and has tapped an additional executive to fill an open seat. They are: Lynn L. Anderson, independent chair of SSgA Funds; Gary D. Black, CEO of Janus; Mary K. Bush, an independent director of the Pioneer Funds; Michael J. Cosgrove, president and CEO of mutual funds for GE Asset Management; Patrick P. Coyne, president of Delaware Investments; Thomas F. Eggers, president and CEO of Dreyfus; Thomas S. Schreier, CEO of FAF Advisors; Greg J. Stark, co-managing director, Americas, at Frank Russell; and William F. Truscott, president of U.S. asset management and chief investment officer at RiverSource Investments.
Thomas E. Faust, Jr., president and chief investment officer of Eaton Vance Management, is filling the open seat.
JPMorgan Securities Exec
Clark Joins Fidelity Institutional Services
Michael K. Clark, former chief executive officer of the worldwide securities services business at JPMorgan, has joined Fidelity as president of Fidelity Institutional Services. He will assume many of the duties previously held by Ellyn McColgan, who resigned in August.
"Mike Clark is an industry leader who brought innovation and outstanding performance to JPMorgan's securities services business," said Fidelity President Rodger A. Lawson. "Fidelity's strong presence with banks, broker/dealers, insurers, registered investment advisors and other intermediaries opens huge growth possibilities for us as we align the businesses that serve these clients under Mike's leadership."
Clark joined JPMorgan in 1994. Before that, he held a number of management and product development positions at Bankers Trust.
Retirement, Modeling Expert Sabelhaus Joins ICI as Senior Economist
John Sabelhaus, an expert of retirement, modeling, savings behavior, pensions and Social Security, has joined the Investment Company Institute as senior economist. He will play a key role in ICI's investor research program, in which the ICI conducts multiple surveys each year to understand about equity and mutual fund ownership, saving for college and retiree behavior.
Sabelhaus was previously unit chief for long-term modeling at the Congressional Budget Office, where he researched Social Security and Medicare.
Since 1999, he has also served as an adjunct professor of economics at the University of Maryland.
Before joining the Congressional Budget Office, Sabelhaus was an economist with the Urban Institute and a professor of economics at Towson State University in Maryland.
"Research is a critical part of ICI's mission," said ICI President and CEO Paul Schott Stevens. "John Sabelhaus is joining a distinguished research team at ICI, and his expertise will help us better understand the preferences and behavior of the 90 million investors our industry serves."
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