David Murray, former Commonwealth Bank of Australia CEO, was named chairman of the Future Fund, an Australian government fund being established to help cover up to A$140 billion (US$102 billion) in unfunded public superannuation plan liabilities expected by 2020, according to a joint statement by Peter Costello, Australian treasurer, and Nick Minchin, minister for finance and administration. Mr. Murray will formally begin as chairman after legislation is approved to form the Future Fund. The legislation is expected to be introduced later this year, the statement said. Until then, Mr. Murray will work as a consultant to the Australian Department of Finance and Administration on establishment of the Future Fund. Mr. Murray was CEO of the Commonwealth Bank of Australia from 1992 "until his recent retirement," according to the statement.
Ross L. Stevens was named managing director and head of electronic trading services at Jefferies & Co., a new position, confirmed Tom Tarrant, spokesman. Mr. Stevens will expand Jefferies' electronic trading strategy across all securities classes. He was head of electronic trading services for global markets at Banc of America Securities and COO of equities. He left in May and was replaced by Bill Harts.