Funds & Advisers
The SEC last week named Jennifer B. McHugh as Acting Director of the Division of Investment Management. Ms. McHugh has been with the SEC since 1999, and replaces Andrew “Buddy” Donohue, who left the SEC in August.
In his four years and the head of the division, Mr. Donohue oversaw several key regulatory developments, including new custody and “pay to play” rules. Additionally, during Mr. Donohue’s tenure, the SEC implemented a new summary prospectus for mutual funds, revised the ADV Part 2 disclosure format for investment advisers, and proposed changes to replace rule 12b-1 distribution fees.
Also last week, the SEC announced Henry T.C. Hu, the first director of the Division of Risk, Strategy, and Financial Innovation (Risk Fin), will return to his former post with the University of Texas in January. Upon joining the SEC in September 2009, Mr. Hu was responsible for overseeing the creation and development of the SEC’s first new division in 37 years. Risk Fin was created to promote interdisciplinary thinking across all SEC divisions and activities, including policymaking, rulemaking, and enforcement.