WELLS FARGO'S DENNIS MOORADIAN ELECTED TO SECURITIES INDUSTRY ASSOCIATION BOARD
SAN FRANCISCO — November 9, 2001
The CEO of Wells Fargo Investments, LLC and President of Private Client Services, Dennis Mooradian, is one of eight securities industry executives elected to the board of directors of the Securities Industry Association for three-year terms ending November 2004.
Mooradian's name was submitted to the 32-member board by a Nominating Committee made up of retiring board members. Member-firms voted for the directors at the association's annual meeting, which ends today in Boca Raton, Florida.
Board members work together to formulate policies and complete initiatives that have both short- and long-term implications for securities firms, investors, and the financial marketplace.
"We look forward to working with our new board members who will play an active role in accomplishing the industry's strategic goals, our most important being the enhancement of the public's trust and confidence in capital markets," said Allen Morgan, Jr., 2002 chairman of SIA's board and chairman and chief executive officer of Morgan Keegan & Company, Inc. "We look forward to Dennis Mooradian's contributions to our efforts."
"We believe that Dennis will make a great contribution to the SIA board and we support the Industry's initiatives," said Dick Kovacevich, chairman and chief executive officer of Wells Fargo & Co. "With the continued convergence of the financial industry - beyond just investments and brokerage - the SIA has an important role to play in continuing to build our customers' confidence not just in the investments segment, but in their faith and trust in the far larger and much faster growing financial services industry."
Private Client Services actively manages $127 billion in assets, including $76 billion for high net worth investors (as of 9/30/01). It provides investment management, brokerage services (through Wells Fargo Investments, LLC), trust and private banking from some 60 dedicated offices and from Wells Fargo stores in 23 states, including the cities of Denver, Los Angeles, Minneapolis, Omaha, Des Moines, Palo Alto, Portland (Oregon), Sacramento, San Antonio, San Francisco, Scottsdale (Arizona), and Seattle.
Wells Fargo is a $298 billion diversified financial services company providing banking, insurance, investments, mortgage, and consumer finance services through more than 5,400 stores and the Internet (www.wellsfargo.com ) across North America and elsewhere internationally.
The Securities Industry Association brings together the shared interests of nearly 700 securities firms to accomplish common goals. SIA member-firms (including investment banks, broker-dealers, and mutual fund companies) are active in all U.S. and foreign markets and in all phases of corporate and public finance. The U.S. securities industry manages the accounts of nearly 80-million investors directly and indirectly through corporate, thrift, and pension plans. In the year 2000, the industry generated $314 billion of revenue directly in the U.S. economy and an additional $110 billion overseas. Securities firms employ approximately 770,000 individuals in the United States. (More information about SIA is available on its home page: http://www.siaonline.org/.)
Investment and Insurance Products:
- Are Not insured by the FDIC or any other federal government agency
- Are Not deposits of or guaranteed by the Bank or any Bank Affiliate
- May Lose Value
Private Client Services provides financial products and services through various banks and brokerage affiliates of Wells Fargo & Company including Wells Fargo Investments, LLC (member NYSE/SIPC).
Wells Fargo Banks