December 3, 2007
SEC Names Osterman Associate Director of Investment Management
The Securities and Exchange Commission has named Elizabeth G. Osterman associate director of exemptive applications and a new special projects office in the division of investment management.
In announcing Osterman's promotion, Andrew J. Donohue, director of the division of investment management, said she has helped the department succeed in handling an 84% increase in exemptive applications in fiscal 2007.
Osterman was previously assistant chief legal counsel, financial institutions in the division of investment management. From 1997 to 2000, she was assistant director in the division's office of enforcement liaison. From 1994 to 1997, she was assistant director in the office of investment company regulation. She joined that office in 1991.
Lackey Becomes Associate Enforcement Director for SEC's New York Office
The Securities and Exchange Commission has promoted Kay Lackey to associate regional director for enforcement in the Commission's New York regional office. Previously, she was an assistant regional director for enforcement in the office. She replaces Helene Glotzer, who has left the SEC to work in the private sector.
Lackey, who has worked in securities enforcement for 12 years, joined the SEC in 1995 as a staff attorney in the division of enforcement in the New York regional office. She became branch chief in 1997 and assistant regional director in 1998.
Prior to her work at the SEC, Lackey was a litigation associate with Mayer, Brown & Platt and Sherburne, Powers & Needham. She also served as a law clerk for Judge Nathaniel M. Gorton in the U.S. District Court for the District of Massachusetts and for Judge Juan R. Torruella in the U.S. Court of Appeals for the First Circuit.
Vanguard Boards Elect Fullwood as Director
The boards of directors of Vanguard and of its mutual funds have elected Emerson U. Fullwood as a trustee. He is chief staff and marketing officer for North America at Xerox, which he joined in 1972. He was previously corporate vice president at the firm and has held a variety of positions in general management, sales and marketing. He is also a member of the board of SPX as well as a number of community organizations, including United Way, Boy Scouts of America, Monroe Community College Foundation and Colgate Rochester Crozier Divinity School.
"Emerson Fullwood will be a welcome addition to the boards of Vanguard and our funds," said Vanguard Chairman John J. Brennan.
AIG VALIC Selects Garvin As EVP, Distribution
AIG VALIC, a provider of 457 and 403(b) plans, has hired Greg Garvin as executive vice president of independent distribution, in charge of a newly formed division intended to expand the company's work with independent distributors.
With nearly 25 years of experience in the financial services industry, Garvin most recently was president of Security Distributors, a unit of Security Benefit Life Insurance. Before that, he was president of the institutional marketing group at Aegon Financial Services Group and vice president at Providian Capital Management. He began his financial services career as president and founding officer of Goldome Agency in 1983 before pursuing opportunities in marketing and distribution for banks, brokerage firms and independent financial advisers.
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