House Republicans today announced the appointment of Rep. Howard P. "Buck" McKeon, R-Calif., as the new chairman of the House Education and Workforce Committee. Mr. McKeon replaced Rep. John Boehner, R-Ohio, who became House majority leader at the beginning of the year and has been extremely vocal on retirement issues.
James Geoffrey II, a spokesman for Mr. McKeon, said Messrs. McKeon and Boehner generally share the same views on the retirement bill. "They collaborated in a variety of ways on the draft of the House pension reform bill," said Mr. Geoffrey. "Obviously, you don't know exactly what's going to happen in committee, but they do agree on the thrust of it."
The House pension reform bill proposes changing the way corporate pension plans can calculate their liability discount rates, and defines pension plans that are funded at less then 60% for the preceding year as "at-risk."
Mr. McKeon has been on the Education and Workforce Committee since 1993.
Bill Driscoll was named director of research of the global fundamental strategies team at State Street Global Advisors, said Arlene Roberts, spokeswoman. He replaces Dean Gekas, who left the firm at the end of 2005 to pursue other interests. Mr. Driscoll will report to Matthew McPhee, head of GFS, which oversees the firm's actively managed long-only equity products, according to a news release. Mr. Driscoll was an equity analyst with the GFS group, covering the media industry. Ms. Roberts said SSgA has yet to name a replacement.
Andrew Welch was appointed head of the institutional client service team at Insight Investment Management, effective March 1, confirmed David Butcher, spokesman. Mr. Welch will lead the team responsible for managing institutional client relationships and will report to Sarah Aitken, Insight's head of institutional business. He replaces Mark Ahern, who will become head of international business development, excluding Europe. It is a new position. His responsibilities will include Insight's recently launched marketing operation in Japan, Mr. Butcher said. Mr. Welch was a senior client relationship manager and liability-driven investment specialist at Merrill Lynch Investment Managers. A Merrill Lynch spokeswoman who asked not to be named said Mr. Welch announced his departure in January and that the company is searching for his replacement. Insight had £88.7 billion ($154.9 billion) in assets under management as of Dec. 31.