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VALLEY PEOPLE

December 17, 1985

Robert F. Schiffer was named chief executive officer of TMA Government Securities Ltd., a 2-year-old limited partnership based in Woodland Hills. TMA said Schiffer has been in the securities industry 25 years, most recently as managing director of the mortgage-backed securities department at Morgan, Stanley & Co. Previously, he was a senior vice president of Merrill Lynch, which he joined in 1978.

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