The National Investment Company Services Association (NICSA) has elected Penelope S. Alexander, senior vice president of human resources at Franklin Templeton Investments, as chairperson of the board of directors. She replaces Gary French, senior vice president and fund administration business head at State Street, who concluded his two-year term as chairman of the board May 30.

Alexander's election marks the second time in NICSA's 41-year history that a woman has held the position. The first was Pauline Taylor of Fidelity Investments, who chaired the group from 1985-1987.

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