Richard Sennett Named Division of Investment Management Chief Accountant

FOR IMMEDIATE RELEASE
2007-61

Washington, D.C., April 3, 2007 - The Securities and Exchange Commission today announced the appointment of Richard F. Sennett as Chief Accountant of the Division of Investment Management. As Chief Accountant, Mr. Sennett will be primarily responsible for oversight of the financial reporting and accounting practices of registered investment companies.

Since 2002 Mr. Sennett has been an Assistant Chief Accountant in the Division of Investment Management where he has worked on a variety of accounting issues related to investment companies, and was instrumental in the development and implementation of the Division's Sarbanes-Oxley annual report review process. Prior to coming to the Commission, he was Vice President and Senior Manager for Fund Accounting at Deutsche Bank Global Fund Services.

Andrew J. Donohue, Director of the Division of Investment Management, said, "Rick brings a vast amount of investment company accounting knowledge and experience to the position of Chief Accountant. He has helped us work through many challenging and complex matters, and I am glad to have him head up our accounting program."

Mr. Sennett, 36, graduated with a Bachelor of Business Administration degree in accounting from Loyola College in Maryland in 1992 and is a Certified Public Accountant. He succeeds Brian Bullard who left the Commission in December 2006.