Arthur Zeikel, chairman of Merrill Lynch Asset Management and a 20-year veteran at the firm, is retiring. David Komansky, chairman and chief executive officer of Merrill Lynch, credits Zeikel with presiding over the growth of the company's asset management business. He called Zeikel, "key to introducing the very concept of mutual funds to a broad cross-section of investors."

David Veatch has joined Focused Investments of Chicago as regional sales manager. In the position, he will be responsible for account management, marketing and new business development. Previously, Veatch was a regional sales manager for Bank One Insurance Group where he supported annuity sales, marketing, product training and skills development. Focused Investments, an independent affiliate of Wayne Hummer Investments, is a full service broker/dealer to depository institutions. It offers securities, packaged products, annuities and other insurance products and services.

Karen Saperstein has been promoted from deputy general counsel at the National Securities Clearing Corporation (NSCC) in New York to general counsel and secretary. She is now in charge of all of NSCC's legal activities, including working with the Securities and Exchange Commission and other regulators, and counseling NSCC's president and chief executive officer, board of directors and senior managers. In addition, Saperstein will continue to serve as general counsel and secretary for International Securities Clearing Corporation and the new Emerging Markets Clearing Corporation. As deputy general counsel, Saperstein had overseen day-to-day activities in the legal department. She replaces Robert Woldow, who passed away in December.

Catherine Waterworth has joined Neuberger Berman's fixed-income division as portfolio manager on the Limited Maturity Bond Fund, where she will concentrate on investment-grade bonds. Waterworth has 24 years of experience, most recently as a managing director of TCW Group, New York, where she managed portfolios totaling $2 billion and coordinated investment policy for separate accounts totaling $3.8 billion.

Bruce Ebel has been named State Street Research's senior vice president and a member of the large-cap growth team which manages $16.1 billion for mutual funds and institutions. Ebel has 20 years of experience and most recently worked at Loomis, Sayles & Company in Chicago. There, he was a vice president and portfolio manager for the firm's core growth equity product.

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