SIPC Gets New Directors

Investor protection group the first line of defense in the event a brokerage firm fails

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The U.S. Senate has confirmed three new directors to the Securities Investor Protection Corp. (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. The three new SIPC directors are: William Heyman, vice chairman and chief investment officer (CIO), and a member of the Management Committee of The Travelers Companies, Inc.; William Jasien, senior VP, ING Financial Advisors LLC, and head of Business Development for various defined contribution business lines across North America; and Mark Shelton, managing director and general counsel, Wealth Management US, and co-global general counsel, Global Wealth Management & Business Banking at UBS.
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