New SIPC Directors Approved By Senate

by Philip Morton, Investors Offshore.com

09 August 2007

It was announced on Tuesday that William Heyman, William Jasien and Mark Shelton have been nominated by President George W. Bush, and confirmed by the US Senate, to serve as the newest directors of the Securities Investor Protection Corporation (SIPC).

The Securities Investor Protection Corporation is the investor's first line of defense in the event a brokerage firm fails owing customers cash and securities that are missing from customer accounts. From the time Congress created it in 1970 through December 2006, SIPC has advanced $505 million in order to make possible the recovery of $15.7 billion in assets for an estimated 626,000 investors.

SIPC Board Chair Armando J. Bucelo, Jr., stated that:

“We are delighted to be joined in our work by three such outstanding new board members. They bring an unusually rich and diverse background of experience that will prove invaluable in our work on behalf of US investors. We salute these individuals for agreeing to find the necessary time to put forth the considerable effort required to perform this important public service work.”

Mr Heyman is vice chairman and chief investment officer (CIO), and a member of the Management Committee, of The Travelers Companies, Inc., a major US property and liability insurance company, and, in that role, responsible for a portfolio of public and private investments of over $70 billion.

Mr Jasien is a senior vice president of ING Financial Advisors LLC, and head of Business Development for a number of defined contribution business lines across North America. Previously, he held various headquarter positions including vice president of operations, chief administrative officer, and senior investment officer.

Mr Shelton is managing director and general counsel, Wealth Management US, and co-global general counsel, Global Wealth Management & Business Banking, UBS. He joined UBS in May 2003 and is responsible for over 400 lawyers, compliance officers, and other professionals.

The three new SIPC directors replace outgoing board members Deborah McWhinney, Noe Hinojosa, Jr., and Thomas Grant.

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