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GORDON BINNS TO JOIN CME BOARD OF GOVERNORS; EARLY ADVOCATE OF FUTURES FOR INVESTMENT RISK MANAGEMENT

 CHICAGO, Oct. 7 /PRNewswire/ -- Gordon Binns, longtime chief of the General Motors pension funds with responsibility for more than $50 billion in investments, will join the board of governors of the Chicago Mercantile Exchange (CME), the world's largest marketplace, as a public governor, CME Chairman Jack Sandner announced today. The appointment of Binns, a former director of the Futures Industry Association (FIA), was approved by the CME board at a meeting Wednesday.
 Binns, 64, of New York, was one of the earliest advocates of using futures and options as a risk management tool in pension fund investments. He has testified frequently before Congress and financial regulatory agencies on the economic value of stock index futures in controlling portfolio risk. The CME is home to the world's leading stock index futures products, including the S&P 500 futures contract, widely used by pension fund managers.
 "Among financial managers and fiduciaries in the United States, the name Gordon Binns is legendary," said Sandner. "The board of governors will be well served by Gordon's expertise in the area of investment and risk management."
 CME President and CEO Bill Brodsky added: "I have worked closely with Gordon for many years. His pioneering work in the use of futures for risk management has dramatically enhanced the value of the General Motors pension funds over the years."
 Binns joined General Motors in 1954 after U.S. Army service and progressed through various assignments on the financial staff, becoming chief investment funds officer in 1982 and a vice president of General Motors in 1986.
 Upon the establishment of General Motors Investment Management Corp. in 1990, Binns was named its president and chief executive officer. He has the responsibility for overseeing the investments of GM's U.S. pension fund and other employee benefit funds worldwide, as well as the investments of GM's insurance subsidiaries. The total investment responsibility exceeds $50 billion.
 Binns is a director of General Motors Acceptance Corp., Motors Insurance Corp., Taubman Centers Inc. (a real estate investment trust), Newstar Inc. (an emerging market partnership), the Equity Fund of Latin America, the India Magnum Fund and the Commonwealth Equity Fund. He is also active in numerous financial industry and civic affairs. He is a Phi Beta Kappa graduate in economics from the College of William and Mary with a master's degree in government from Harvard University and a master's degree in business administration from New York University. He resides in Westchester County, N.Y., with his wife and daughter.
 -0- 10/7/93
 /CONTACT: Andrew Yemma, 312-930-3434, or fax, 312-930-3439, for CME/


CO: Chicago Mercantile Exchange ST: Illinois IN: FIN SU: PER

CK -- NY035 -- 9698 10/07/93 10:45 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
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