SEC names McHugh acting top mutual fund cop

SEC names McHugh acting top mutual fund cop
The Securities and Exchange Commission has named Jennifer McHugh, a senior adviser to Chairman Mary Schapiro, the acting director of the Division of Investment Management, replacing Andrew J. “Buddy” Donohue, who left his post on Nov. 19.
DEC 15, 2010
The Securities and Exchange Commission has named Jennifer McHugh, a senior adviser to Chairman Mary Schapiro, the acting director of the Division of Investment Management, replacing Andrew J. “Buddy” Donohue, who left his post on Nov. 19. As previously reported in InvestmentNews, Ms. McHugh's name came up over the past several weeks as a possible interim replacement for Mr. Donohue because she is considered Ms. Schapiro's go-to person on a variety of issues. For example, Ms. McHugh has been in charge of the SEC's study of fiduciary duty, which was mandated under Dodd-Frank. Ms. McHugh, an 11-year veteran of the SEC, will keep the position until the SEC names a permanent replacement for Mr. Donohue, the agency said in a statement. John Heine, a spokesman at the SEC, declined to comment on when the agency planned to name a replacement. Given Ms. Schapiro's track record of tapping outsiders to staff the agency, it's not surprising Ms. McHugh did not get the position on a permanent basis, said David Tittsworth, executive director of the Investment Adviser Association. For example, last year Ms. Schapiro hired Henry T.C. Hu, a professor at the University of Texas Law School, as director of the newly established Division of Risk, Strategy and Financial Innovation. In January, she appointed Carlo V. di Florio, who was a partner at Pricewaterhouse Coopers LLP, as director of the agency's Office of Compliance Inspections and Examinations, replacing Lori Richards. “Her track record with major appointments has been to look outside the agency and bring in some fresh, innovative thinking,” Mr. Tittsworth said. “That's what I will expect her to do here, but who that is, I do not know.”

Latest News

SEC and state regulators tighten grip on fraud in fiscal 2026
SEC and state regulators tighten grip on fraud in fiscal 2026

Broker-dealer enforcement actions surged 66% as the SEC and state regulators cracked down on Ponzi schemes and digital asset fraud.

Marsh acquires Wilshire to deepen wealth advisor reach
Marsh acquires Wilshire to deepen wealth advisor reach

The deal adds $221 billion in AUM and bolsters Marsh's alternatives and model portfolio capabilities for advisors.

Gen X retirement savings facing ‘collision of financial pressures’ from family obligations
Gen X retirement savings facing ‘collision of financial pressures’ from family obligations

New Jackson research finds multi-generational financial obligations are leaving pre-retirees dangerously off track.

When the sunset deal dims the value
When the sunset deal dims the value

Sanctuary Wealth’s Vince Fertitta examines what wirehouse advisors may leave behind when a career ends in deferred compensation rather than a sale

Osaic CEO Jamie Price sees W-2 channel growing to a third of assets
Osaic CEO Jamie Price sees W-2 channel growing to a third of assets

Osaic's Empowered Independence reached roughly $20 billion in a year and a half as succession pressure pushes advisors toward becoming W-2 employees

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.