The Investment Company Institute has selected Martin L. Flanagan, president and CEO of AMVESCAP, as chairman of the institute for one year, replacing James S. Riepe, who will continue to serve as vice chairman of ICI.

"It has been a privilege to again serve as Institute chairman, representing the industry that has served millions of investors so well for so many years," Riepe said. "Marty Flanagan is one of our industry's most talented young executives, and I am pleased to pass the chair to a leader of his caliber and integrity."

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