The steering committee of Securities Industry and Financial Markets Association's (SIFMA) asset management group (AMG) has elected its new leadership for 2008 and 2009.
Richard Weil, managing director and chief operating officer of PIMCO was elected chair of the AMG.
Weil also serves on SIFMA's board of directors. Joan A. Binstock, partner and chief operations officer of Lord Abbett was elected vice chair and Mark Hemenetz, chief operating officer of Schroder Investment Management North America, as treasurer.
"We are extremely fortunate to have Richard, Joan and Mark's leadership and perspectives at this critical time for the financial services industry, said Joe Sack, staff advisor to the AMG whose members' combined assets under management (AUM) total in excess of $21 trillion. Individual AMG members are active contributors within many Association initiatives that are focused on coming up with investor-led, global solutions to the challenges that the markets currently face.
Richard Weil welcomed his appointment and said: "I look forward to the opportunity to advance the AMG's role as the voice of buy side firms, including its important work in developing and publishing enhanced market practices and its advocacy with legislators and regulators.
Joan Binstock added: "I am very pleased to be able to be involved in dialogue and consensus building that surrounds current and emerging issues that impact the asset management industry.
Mark Hemenetz also welcomed his new role and said: "I am excited to play a part in strengthening AMG's role as an organization that successfully builds bridges between AMG members and key constituencies.