John J. Brennan, chairman and chief executive officer of Vanguard Group, was elected Friday to a one-year term as chairman of the Investment Company Institute, the largest national trade group for mutual fund companies.

Mr. Brennan is a 16-year veteran of Vanguard, the second-largest U.S. mutual fund company. He has been its CEO since 1996 and its chairman since early this year.

The institute also elected 14 people to its 44-member board, including one bank executive, David J. Kundert of Banc One Investment Management, Columbus, Ohio.

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