A key industry player behind the "profile" fund prospectus will soon be responsible for mutual fund policy at the National Association of Securities Dealers.

Thomas M. Selman, an associate counsel at the Investment Company Institute, a mutual fund trade group, was named director of the association's advertising-investment companies regulation department last week. He is to begin Monday.

"It's an important position because I'll be supervising the staff that oversees the marketing and distribution of investment company shares, including advertising and sales practices," Mr. Selman said.

His bailiwick will also include policy development for sales practices at bank broker-dealers, the association said.

In addition, Mr. Selman, 38, will have policy and oversight responsibilities for variable annuities, he said.

He promised a sensitivity to practical issues facing mutual fund companies and dealers, including those specific to banks, tempered by a "strong commitment to investor protection."

Mr. Selman fills a post previously held by R. Clark Hooper, who was promoted to senior vice president for disclosure and investor protection during a May reorganization.

A lawyer at the Investment Company Institute since 1992, Mr. Selman helped prepare submissions in support of the streamlined, profile mutual fund prospectus to the Securities and Exchange Commission. He had worked in the office of the SEC general counsel from 1987 until 1992.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.