Andrew J. Donohue to Leave SEC After Four Years Leading Division of Investment Management
FOR IMMEDIATE RELEASE
Washington, D.C., Aug. 17, 2010 — The Securities and Exchange Commission announced today that Andrew J. "Buddy" Donohue plans to leave the SEC in November after serving more than four years as its Director of the Division of Investment Management.
Mr. Donohue helped develop significant regulations governing the $39 trillion asset management industry, including investor-oriented rules to improve oversight of money market funds, increase investment adviser custody controls, and curtail investment adviser "pay-to-play" abuses. Under his leadership, the SEC also implemented a new mutual fund summary prospectus and investment adviser disclosure brochure, and proposed to replace rule 12b-1 mutual fund distribution fees with a reformed regulatory framework. The agency also recently proposed rule amendments to improve information in target date fund advertisements and marketing.
"Buddy has been an effective leader and investor advocate during his tenure at the Commission. His vast knowledge of mutual funds and the investment advisory landscape has been invaluable in advancing several vital regulatory initiatives," said SEC Chairman Mary L. Schapiro. "We are grateful for his practical insights and innovative guidance, and thank him for his tremendous commitment to public service."
Mr. Donohue said, "It has been a privilege to work with so many dedicated and talented staff members throughout the agency who have contributed to the development of important new rules in the investment management area. I will forever value my time at the Commission and its remarkable mission that I feel fortunate to have been a part of."
Mr. Donohue, 59, was appointed to lead the Division of Investment Management in April 2006. He came to the SEC from Merrill Lynch Investment Managers, where he served as Global General Counsel and oversaw the firm's legal and regulatory compliance functions for more than $500 billion in assets including mutual funds, fixed income funds, hedge funds, private equities, and managed futures. He also was Chairman of the firm's Global Risk Oversight Committee.
Prior to his service at Merrill Lynch Investment Managers, Mr. Donohue spent more than a decade as Executive Vice President, General Counsel, Director, and member of the Executive Committee for OppenheimerFunds, one of the nation's largest retail mutual fund management companies with managed assets of more than $150 billion. He previously was a corporate and securities law partner with private and government clients at the Newark, N.J.-based firm of Kraft & McManimon (now McManimon & Scotland LLC). Mr. Donohue also served as Senior Vice President, General Counsel, and Director for First Investors Corporation, one of the oldest financial service companies in the country dedicated to the individual investor.
Mr. Donohue earned his JD from New York University School of Law in 1975 and his BA, cum laude, with high honors in Economics from Hofstra University in 1972.
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