Mark Pennington, a partner at Lord Abbett, succeeds Peter Muratore as chairman of the Money Management Institute.

Pennington joined Lord Abbett's sales and marketing group as a regional sales manager in 1988. In 1996, he became sales manager for the firm's Northeast division and later headed its separately managed account business. He was named partner in 1998.

During Pennington's tenure, Lord Abbett's managed account business has grown into the second-largest third party investment manager in the industry.

Muratore, who has been chairman of MMI since 1997 and received the trade group's Pioneer Award in 1998, now becomes chairman emeritus.

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