The Center is pleased to announce that, effective July 1, Alicia Ogawa, Associate Director for Program Development, who has recently joined the Center on a full-time basis, will become Director of the Program on Alternative Investments. We are delighted that Alicia Ogawa is joining the Center team on a full-time basis, after leaving her position as Managing Director at Lehman Brothers. She has had a distinguished career in equity research and its management, making her reputation in the late 1980s initially as an outstanding and skeptical analyst of Japanese banks and other financial institutions. After 15 years in Japan, as manager of equity research for Solomon Smith Barney and then Nikko Citicorp, she returned to New York several years ago and become co-manager of global equities research at Lehman Brothers. Alicia will inherit from Mark Mason, current director of the program, a very successful Program on Alternative Investments and she will develop it further. She will also develop research and program activities on Japanese financial institutions and markets more broadly for the Center.