THE PUBLIC SECURITIES Association, New York, said R. Fenn Putman, managing director of the municipal finance department at Lehman Brothers Inc., New York, has been elected chairman of the trade group's board of directors for 1994. His terms begins Jan. 1.

Elected vice chairman of the group was Robert D. McKnew, executive vice president of Bank of America, San Francisco,

Ira H. Green, chairman and chief executive officer of Westcap Corp., Houston, was elected 1994 treasurer.

Mr. Putman succeeds Don B. Taggart, senior vice president, corporate treasury, at Chase Manhattan Bank. Mr. Taggart will continue as a director on the 1994 board.

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