The Investment Company Institute today elected Paul Haaga, Jr. as its new chairman. Haaga, an executive VP and director at Capital Research and Management Co. in Los Angeles, replaces Terry Glenn, president of Merrill Lynch Funds, who served two consecutive terms as the lobby group’s chairman.

In his new role, Haaga will lead the ICI’s Board of Governors, which is responsible for setting the institute’s policies.

Haaga has worked in the investment industry for nearly 30 years, including a stint as investment manager to the American Funds, whose investment advisor is the Capital Group. Haaga was also a senior attorney for the Securities and Exchange Commission’s Division of Investment Management from 1974 to 1977, and he has been a partner in the Washington, D.C. law firm Dechert Price & Rhoads.

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