DOW JONES NEWSWIRES
James Lockhart III, director of the federal agency that oversees
mortgage lenders Fannie Mae (FNM) and Freddie Mac (FRE), has been
named vice chairman of WL Ross & Co., the distressed investment
affiliate of money-management giant Invesco Ltd. (IVZ).
Lockhart, director and chairman of the Federal Housing Finance
Agency's oversight board, will start his job at the
distressed-asset investor in September.
WL Ross is controlled by billionaire investor Wilbur Ross, who
earlier this year made a foray into U.S. banking by picking up a
large piece of BankUnited Financial Corp. (BKUNQ).
"With his extensive government experience, deep knowledge of the
U.S. mortgage markets and strong background in public/private
finance, Jim is ideally qualified to help expand the financial
services portfolio of the funds we manage," Ross said.
Lockhart said WL Ross and Invesco's "large global platform and
growing portfolio of companies positions them extremely well to
participate and aid in the recovery of the financial services
sector. "
The Federal Housing Finance Agency is a more powerful
incarnation of Fannie and Freddie's former overseer, the Office of
Federal Housing Enterprise Oversight. Lockhart also oversaw
Ofheo.
From 2002 to 2006, he was deputy commissioner and chief
operating officer of the Social Security Administration. He was a
member of President George W. Bush's Management Council and its
Executive Committee. Lockhart also served in the previous Bush
administration as executive director of the Pension Benefit
Guaranty Corp. from 1989 until 1993.
Invesco's shares recently traded at $19, down 0.4%. The stock
has gained a third this year but is still down a quarter from last
August.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com