Lee to Step Down as SEC's L.A. Regional Director

Randall R. Lee, regional director of the Securities and Exchange Commission Los Angeles office, will step down at the end of June to pursue opportunities in the private sector.

"Under Randall's leadership, the L.A. office has halted massive ongoing frauds, exposed corrupt industry practices, held CEOs accountable for their misconduct and tried some of the Commission's most significant cases," said SEC Chairman Christopher Cox. "Randall demonstrated energetic and creative leadership of one of our largest offices and contributed substantially to improving the working environment at the SEC."

Cases that Lee oversaw include those against the former CEO, CFO and controller at Global Crossing; mutual fund market timing and/or late trading against the former chairman and portfolio manager of the PIMCO equity funds and four former officers at J.B. Oxford; and BISYS's role in the use of assets at more than two dozen mutual fund companies to pay marketing expenses.

IXIS Promotes Guinamant, Martin to Executive VPs

IXIS Asset Management Global Associates has promoted Peter Martin to executive vice president, head of distribution for the Americas, based in Boston, and Herve Guinamant to executive vice president, head of distribution for Europe and Asia Pacific, based in Paris.

Martin previously headed the firm's wealth solutions unit, and Guinamant had directed distribution throughout Europe.

"Leading global investment firms are today seeking out providers that can deliver asset management solutions with cross-border appeal," said IXIS President and Chief Executive Officer John T. Hailer.

Charles Schwab Appoints Two Division Chiefs: Bridgeman, Goldman

Charles Schwab promoted Benjamin Bridgeman to head of Schwab Investor Services and Charles Goldman to head of Schwab Institutional.

Bridgeman, who had been in charge of strategy, planning and administration for Schwab Investor Services, succeeded Walt Bettinger, who was named the San Francisco parent company's chief operating officer in February. Goldman, who had been Schwab Institutional's chief operating officer, succeeded Deborah Doyle McWhinney, who retired.

Bridgeman has worked for Schwab Investor Services since June 2004. He was hired by the parent company in 1996 to help develop its 401(k) business and eventually oversaw all aspects of its 401(k) solutions.

Goldman joined Schwab in 2001, holding strategy and development posts before being put in charge of Schwab Institutional's day-to-day operations.

Wellspring Capital Hires Principal, Director

Wellspring Capital Management, a New York private-equity firm, has hired John E. Morningstar as a principal and William E. Ramsey as an executive director.

Morningstar, the firm's third principal, will oversee senior-level activities involving the acquisition, monitoring and sales of portfolio companies.

Previously, Morningstar was with Castle Harlan, where he worked on a number of leveraged buyouts of consumer-related, packaging and industrial companies. He also has worked in the investment banking department of Merrill Lynch.

Ramsey, who will work with Wellspring's portfolio company management teams to improve operating performance, was a senior operations officer for Honeywell International.

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