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Tuesday, May 10, 2005

Pax World Names CEO

Reported by Sean Hanna, Editor in Chief

Pax World Management has landed a new CEO. The socially responsible investment specialist has tapped Joe Keefe for the top role. Keefe was most recently at rival Calvert Group, which also offers socially-responsible mutual funds.

Pax World offers a family of three funds with a socially responsible mandate, including its flagship Pax World Balanced fund and the Pax World Growth and Pax World High Yield funds. H.G. Wellington & Co. distributes the funds.

To make room for Keefe, Thomas W. Grant will drop his CEO title and instead take the post of vice chairman. He will also continue as president of the Portsmouth, New Hampshire-based firm.

Keefe is no stranger to the world of socially-responsible investing. He was a senior adviser for strategic social policy at Bethesda Maryland-based Calvert Group. He is also a member of the board of directors of the Social Investment Forum, the trade industry association representing socially responsible asset managers and investment professionals nationwide. He also served as general counsel and executive vice president at Citizens Advisors, another Portsmouth-based socially-responsible fund advisor.

Before joining Calvert, he founded NewCircle Communications, a strategic consulting and communications firm located in Manchester, New Hampshire. As president of that firm, he represented numerous socially responsible asset management firms. Prior to that, he was a lawyer in private practice.

"Joe brings a wealth of knowledge, skills and experience to Pax World, and is one of the real leaders in the field of socially responsible investing," said Pax World Management Corp. Chairman Larry Shadek. "We think Joe is the right person to lead Pax World on a day-to-day basis during this important period in our own growth, and in the growth of socially responsible investing in general."  

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