FOR IMMEDIATE RELEASE                                98-119

  Paul F. Roye Named Director of the Division of Investment
                         Management
                              
     Washington, D.C., October 29, 1998 --  Securities and
Exchange Commission Chairman Arthur Levitt today named Paul
F. Roye Director of the Division of Investment Management.
Mr. Roye, who succeeds Barry Barbash as the nation's top
mutual fund regulator, will join the Commission in November.

     Chairman Levitt said, "I am thrilled that Paul will be
an integral part of my management team.  He is an extremely
thoughtful and proven leader.  The Division of Investment
Management will thrive under Paul's direction and the
Commission will benefit from his decades of professional
experience.  I thank him for his willingness to leave the
private sector to serve American investors."

     Paul Roye said, "I am honored to have been selected for
this position by Chairman Levitt.  It presents a tremendous
opportunity for me to return to public service and assist
the Chairman and the Commission in shaping regulatory
priorities and meeting the challenges of protecting the
investing public."

     As Director of the Division of Investment Management,
Mr. Roye will oversee the mutual fund industry and safeguard
the interests of the millions of people who are invested in
mutual funds.  Key SEC initiatives that will be under his
jurisdiction include continuing to improve mutual fund
disclosure to shareholders, modernizing and simplifying
Commission rules and regulations, and expanding
international cooperation.

     Mr. Roye, 44, comes to the Commission from the law firm
of Dechert Price & Rhoads, which he joined in 1982 and where
he has been a partner since 1987.  At the firm, he was a
senior member of the Investment Management, Financial
Services, and Corporate/Securities Practice Groups.  His
practice involved providing advice and assistance to a wide
variety of domestic and foreign investment companies, as
well as investment advisers, investment company directors,
fund administrators, broker-dealers, banks, trust companies,
and insurance companies.  Before joining Dechert Price &
Rhoads, Mr. Roye worked in the Division of Investment
Management at the Commission from 1979 to 1982.

     Mr. Roye received his A.B. cum laude from Dartmouth
College and his J.D. from the University of Michigan Law
School.

                       #      #      #