WASHINGTON -- Charles Dallara, managing director of J.P. Morgan & Co. and a former assistant U.S. Treasury secretary, has been named managing director of the Institute of International Finance, a bank-sponsored research organization.

The appointment takes effect in July.

Mr. Dallara, 44, will be the third head of the 175-member institute and the first American in the post. He succeeds Horst Schulmann, who left in late 1992 to become president of the Landeszentralbank in Hessen, Germany.

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