Michael Imhoff, Alan Murphy Return to MSRB Board

WASHINGTON - Michael F. Imhoff, a managing director at Stifel, Nicolaus & Co. in Denver, and Alan Murphy, senior vice president at Duncan-Williams Inc. in Memphis, have joined the Municipal Securities Rulemaking Board, the MSRB announced yesterday.

The two, each of whom has previously served on the board, will fill slots for securities firm representatives that were left vacant because of the restructuring of major Wall Street broker-dealers last month.

The 15-member board is made up of five representatives of banks, five from securities firms, and five members of the public, including a representative of the issuer community and a representative of the investor community.

Imhoff, who manages institutional syndication and trading, oversees new-issue pricing and distribution, and is director of secondary market trading for Stifel, will serve a one-year term. He was previously a board member from June 2006 to September 2008.

Imhoff also currently serves on the board of directors for the Colorado Venture Capital Authority, the University of Colorado Foundation, and the University of Colorado at Denver Business School Advisory Board. He received his bachelor's degree in finance and international finance from the university.

Murphy, a senior vice president of the institutional municipal department at Duncan-Williams, will serve a two-year term at the MSRB. He previously was on the board from October 2006 to January 2008.

Murphy was a managing director at Popular Securities for its U.S. capital operations before joining Duncan-Williams. Earlier in his career he spent 28 years at Prudential Securities as head of municipal underwriting and co-head of tax-exempt fixed income. He holds a bachelor's degree in economics from the University of North Carolina at Wilmington and a master's of business administration in finance from the University of Tennessee.

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