Leonard A. Reinhart, president of Lockwood, a service of Pershing LLC, has been selected as the new chairman of the Money Management Institute - the national organization for the separately managed accounts solutions industry. He will be replacing Mark Pennington, who is becoming chairman emeritus.

"Len Reinhart has been a vital part of the industry's development since its inception," explained Christopher L. Davis, president of MMI. "From the advent of managed accounts, to the more recent innovations such as unified managed accounts, in deed and word Len has been a tremendous leader in this fast developing industry.

Before founding Lockwood in 1995, Reinhart was the president of the consulting group at Smith Barney.

He is recognized as a founder of the individually managed account industry and serves on the advisory board of directors of the Investment Management Consultants Association.

In addition, Kevin Hunt has been selected to serve as the new chair-elect, and Daniel McNamara of Bank of America and James Patrick of Allianz Global Investors have joined the organization's board of governors.

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