Panelist Bios for 75th Anniversary of the 1940 Acts
John C. Bogle
John C. Bogle, 86, is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. He is a graduate of Blair Academy, Class of 1947.
Vanguard is the largest mutual fund organization in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises approximately 170 mutual funds with current assets totaling more than $2 trillion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. It was the first index mutual fund. The story of his life and career is told in John Bogle and the Vanguard Experiment: One Man’s Quest to Transform the Mutual Fund Industry, by Robert Slater (1996), The House That Jack Built, by Lewis Braham (2011), and “The Man in the Arena,” by Knut Rostad (2013).
In 2004, TIME magazine named Mr. Bogle as one of the world’s 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, Fortune designated him as one of the investment industry’s four “Giants of the 20th Century.” In the same year, he received the Woodrow Wilson Award from Princeton University for “distinguished achievement in the Nation’s service.” In 1997, he was named one of the “Financial Leaders of the 20th Century” in Leadership in Financial Services (Macmillan Press Ltd., 1997). In 1998, Mr. Bogle was presented the Award for Professional Excellence from the Association for Investment Management and Research (now the CFA Institute), and in 1999 he was inducted into the Hall of Fame of the Fixed Income Analysts Society, Inc.
Mr. Bogle is a best-selling author, beginning with Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993); Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999); John Bogle on Investing: The First 50 Years (2000); Character Counts: The Creation and Building of The Vanguard Group (2002); Battle for the Soul of Capitalism (2005); The Little Book of Common Sense Investing (2007); Enough: True Measures of Money, Business, and Life (2008); Common Sense on Mutual Funds, Fully Updated 10th Anniversary Edition (2009); and Don’t Count On It! Reflections on Investment Illusions, Capitalism, “Mutual” Funds, Indexing, Entrepreneurship, Idealism, and Heroes (2010). His tenth book, Clash of the Cultures, was released in August of 2012.
Mr. Bogle served as Chairman of the Board of Governors of the Investment Company Institute in 1969-1970, and as a member of the Board in 1969-1974. In 1997, he was appointed by then-U.S. Securities and Exchange Commission Chairman Arthur Levitt to serve on the Independence Standards Board. In 2000, he was named by the Commonwealth’s Chamber of Commerce as Pennsylvania’s Business Leader of the Year.
He served as Chairman of the Board of the National Constitution Center from September 1999 through January 2007, and was a Director of Instinet Corporation until December 2005. He was a member of The Conference Board’s Commission on Public Trust and Private Enterprise, and is a Fellow of the American Philosophical Society, and the American Academy of Arts and Sciences. A Trustee of Blair Academy, he served as Chairman in 1986-2001. He has received honorary doctorate degrees from the University of Delaware, University of Rochester, New School University, Susquehanna University, Eastern University, Widener University, Albright College, Pennsylvania State University, Drexel University, Immaculata University, Princeton University, Georgetown University, Trinity College, and Villanova University.
Mr. Bogle was born in Montclair, New Jersey, on May 8, 1929. He now resides in Bryn Mawr, Pennsylvania, with his wife, Eve. They are the parents of six children and the grandparents of twelve.
Don Phillips is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of its flagship print publication, Morningstar® Mutual Funds™, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box™, the Morningstar Rating™, and other distinctive, proprietary Morningstar innovations that have become industry standards. Phillips has served in a variety of leadership roles at Morningstar, most recently head of global Research, before paring back his schedule to take on a part-time, non-management role. He has served on Morningstar’s board of directors since 1999, and he also serves on the board of directors for Morningstar Japan. Phillips holds a bachelor's degree from the University of Texas and a master's degree from the University of Chicago.
James S. Riepe
Jim Riepe is a Senior Advisor and Retired Vice Chairman of the Board of Directors of T. Rowe Price Group, Inc. Mr. Riepe retired from active management at T. Rowe Price in 2006 after nearly 25 years of service. He served on the firm’s management committee, was responsible for overseeing the firm's global mutual fund and institutional investment activities, and was Chairman of the T. Rowe Price Mutual Funds.
Mr. Riepe worked in the investment management business for more than 35 years and played a leadership role in mutual fund industry affairs. He was twice elected Chairman of the Board of Governors of the Investment Company Institute and was a member of its Executive Committee for over 20 years. He also was a member of the Board of Governors of the [National Association of Securities Dealers] NASD (now FINRA) and chaired its Investment Companies Committee.
Mr. Riepe currently serves as the non-executive Chairman of the board of Genworth Financial, lead director of LPL Financial Holdings, and a director of UTI Asset Management Company Ltd (India) and Baltimore Equitable Society. He previously served on the board of The NASDAQ OMX Group.
Mr. Riepe received a B.S., M.B.A., and Honorary Doctor of Laws degree from the University of Pennsylvania where he served as Chairman of the University and Penn Medicine Boards of Trustees. He is a board member of The Baltimore Museum of Art (served as president), U.S. Ski and Snowboard Team Foundation, and the T. Rowe Price Program For Charitable Giving (chairman).
The Honorable David S. Ruder
David S. Ruder is the William W. Gurley Memorial Professor of Law Emeritus at Northwestern University School of Law in Chicago. He served as Dean of the School from 1977 to 1985. From 1987 to 1989 he served as Chairman of the United States Securities and Exchange Commission.
He is a member of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. He is the former Board Chairman of the Mutual Fund Directors Forum and the former Board Chairman of the Securities and Exchange Commission Historical Society. He is an Emeritus member of the Advisory Council of the Public Company Accounting Oversight Board. He has served as a Trustee of the International Accounting Standards Committee Foundation and the Financial Accounting Foundation, and was a member of the Board of Governors of the National Association of Securities Dealers, Inc.
Professor Ruder is a graduate of Williams College and the University of Wisconsin Law School. He has received an honorary Doctor of Laws degree from the University of Wisconsin-Madison, the William O. Douglas Award conferred annually by the Association of Securities and Exchange Commission Alumni, and the Institutional Investor Mutual Fund Industry Lifetime Achievement Award.
The Honorable Harvey L. Pitt
Harvey L. Pitt is the CEO of the global business consulting firm, Kalorama Partners, LLC, and its law firm affiliate, Kalorama Legal Services, PLLC. Prior to founding the two Kalorama firms, Mr. Pitt served as the twenty-sixth Chairman of the United States Securities and Exchange Commission, from 2001 to 2003.
Prior to becoming the SEC’s Chairman, Mr. Pitt was a senior corporate partner at the international law firm of Fried, Frank, Harris, Shriver & Jacobson. Former Chairman Pitt also served previously with the SEC, from 1968 until 1978, including three years as General Counsel (1975-78). Former Chairman Pitt received a J.D. degree from St. John's University School of Law (1968), and his B.A. from the City University of New York (Brooklyn College) (1965). He was awarded an honorary LL.D. by St. John's University (2002), and was given the Brooklyn College President’s Medal of Distinction (2003).
Mr. Pitt is currently a Director and Audit Committee member of GWU Medical Faculty Associates, Inc., a §501(c)(3) corporation. He is a member of the Global Advisory Forum of the CQS Hedge Fund, and a member of the Regulatory and Compliance Advisory Council of Millennium Management LLC. He also serves on the Board of Directors to the offshore funds of Paulson & Co. and its affiliates. He is a member of the Board of Directors of Premier Alliance Group, Inc., and a member of its Audit Committee. He also serves as the Chairman of the Audit Committee of the U.S. Dream Academy, Inc., a §501(c)(3) nonprofit organization.
The Honorable William H. Donaldson
William H. Donaldson is Chairman of Donaldson Enterprises and is Chairman of the Financial Services Volunteer Corps (FSVC). He currently serves as a member of the FDIC Systemic Resolution Advisory Committee, and is also a Director of the Volcker Alliance and a member of the Systemic Risk Council (SRC).
During his career, Mr. Donaldson served as the 27th Chairman of the Securities and Exchange Commission, Undersecretary of State to Henry Kissinger, and Counsel to Vice President Nelson Rockefeller. He was Chairman and CEO of the New York Stock Exchange, Chairman, President and CEO of Aetna Inc., the Co-Founder, Chairman and CEO of Donaldson Lufkin and Jenrette (DLJ), and co-founder of DLJ former subsidiary Alliance Capital Management. He has been a director of numerous publically help corporations and privately owned business and was selected as Businessman of the Year by the Associated Press in 1970. He has also served on boards of many philanthropic, arts and educational institutions, including the Ford Foundation, Lincoln Center for Performing Arts, Yale University, and the Aspen Institute. He was the founding Dean and tenured Professor of Management at the Yale Graduate School of Management. He holds a BA from Yale University, an MBA with distinction from Harvard Business School, and is a Chartered Financial Analyst (CFA). Mr. Donaldson served as a first lieutenant in the U.S. Marine Corps in the Far Eastern Theatre (Japan-Korea).
Jameson A. Baxter
Jamie Baxter began her professional career with the Corporate Finance group at the First Boston Corporation, an investment banking firm. She later helped form and was the president of Baxter Associates (a position that continues to date.) This firm focused on providing strategic advice and securing financing for companies in some measure of difficulty. It also has made private investments in some of the firms it helped - most recently, ASHTA Chemicals Inc. which was successfully returned to profitability and sold in 2011.
Jamie has focused for over thirty years on good governance and has had positions on numerous boards. At the moment, she is the independent chair of The Putnam Mutual Funds and is the chair of the Mutual Fund Directors Forum. She has served on numerous for-profit boards including Banta Corporation and Ryerson, Inc. (both New York Stock Exchange companies), MB Financial and Intermatic, Inc. (a privately held family owned company.) She has also served on many nonprofit boards and is currently on the board of The Nature Conservancy — Adirondack Chapter and the Adirondack Land Trust. She was previously a director of Advocate Healthcare and chaired the governing council of Good Shepherd Hospital. Until 2005, she chaired BoardSource, an organization that has as its mission making nonprofit boards more effective. She is chair emeritus of Mount Holyoke College having served on that board for fourteen years and is an honorary trustee and former board chair of the Emma Willard School, having served on that board for fifteen years. She graduated from Mount Holyoke College and did considerable course work at the New York Institute of Finance.
Matthew P. Fink
Mr. Fink is an independent director of the Oppenheimer Mutual Funds and is Chairman of its Regulatory and Oversight Committee. He is the author of a history of mutual funds, The Rise of Mutual Funds: An Insider’s View, published by Oxford University Press (second edition 2011). He was employed by the Investment Company Institute from 1971 to 2004 and served as the Institute’s President from 1991 to 2004. Mr. Fink is an honors graduate of Brown University and Harvard Law School, and attended the London School of Economics.
Rick A. Fleming
Rick Fleming was appointed in February, 2014, to be the first director of the Office of the Investor Advocate at the U.S. Securities and Exchange Commission. As the Investor Advocate, Mr. Fleming is building an office charged with the responsibility for analyzing the impact on investors of proposed rules and regulations, identifying problems that investors have with financial service providers and investment products, assisting retail investors in their interactions with the Commission and self-regulatory organizations (SROs), and proposing legislative or regulatory changes to promote the interests of investors.
Prior to joining the Commission, Mr. Fleming spent fifteen years as a state securities regulator, including more than a decade as General Counsel for the Office of the Kansas Securities Commissioner. He represented the state in a broad range of disciplinary proceedings against broker-dealers and investment advisers, prosecuted criminal cases involving securities fraud and related crimes, and drafted legislation and regulations to protect investors. He moved to Washington, D.C. in 2011 — along with his wife and six children — to become the Deputy General Counsel for the North American Securities Administrators Association (NASAA), where he provided assistance to state securities regulators and supported the activities of various project groups, primarily in matters involving enforcement and corporation finance.
Mr. Fleming was raised in the small town of LeRoy, Kansas, graduated summa cum laude from Washburn University with a dual major in finance and economics, and holds a law degree from Wake Forest University. His published works include “100 Years of Securities Law: Examining a Foundation Laid in the Kansas Blue Sky,” 50 Washburn L.J. 583 (2011), in which he traces the history of the first “blue sky law.”
Thomas P. Lemke
Tom Lemke currently serves as an independent director for several mutual fund and ETF groups. Previously, he was Executive Vice President, General Counsel, and Head of Governance for Legg Mason, Inc., a global asset management firm. He previously was a partner at Morgan, Lewis & Bockius where his practice specialized in asset management and broker-dealer matters. Earlier in his career he worked at J.P. Morgan and Sanford C. Bernstein & Co. in NYC. He started his career at the U.S. Securities and Exchange Commission in Washington, D.C., where he last served as Chief Counsel of the Division of Investment Management. He received his J.D. in 1979 from the Washington College of Law, The American University. He also has co-authored a number of books on asset management regulation and is currently working on a new book on the regulation of exchange-traded funds.
Allan S. Mostoff
2012 to date — Consultant, expert witness, Secretary and member of the Board of Directors of the Willoughby Golf Club, Stuart, Florida
2002-2012 — Founding Director and President of the Mutual Fund Directors Forum
1976-2002 — Partner and member of the management committee of what is now the Dechert law firm (formerly Dechert Price & Rhoads) and founder of the Dechert Financial Services Practice
1972-1976 — Director of the Securities & Exchange Commission’s Division of Investment Management Regulation (now the Division of Investment Management)
1962-1972 — Staff member of the SEC’s Special Study of Securities Markets, attorney in the Office of General Counsel, and Special Counsel, Assistant Director and Associate Director of the Division of Corporate Regulation
1958-1961 — Associate, Olwine Connnelly Chase O’Donnell & Weyher, New York City
Member American Law Institute and Advisory Board of the Investment Lawyer, former member of the Financial Accounting Standards Advisory Council, the Advisory Board of the Securities Regulation and Law Report and adjunct professor of law at Georgetown School of Law. Recipient of Fund Directions "Lifetime Achievement Award" for service to mutual fund directors and the mutual fund industry in 2007 and recognized by Strategic Insight in 2011 as a “Mutual Fund Visionary”.
Education: Cornell University, 1953; New York University, 1954; New York Law School 1957.
Joel H. Goldberg
Joel served as Director of the Division of Investment Management from January 1981 until May 1983. Prior to that he had been Associate Director, Special Counsel to the Director, Special Counsel, and attorney, all in the Division of Investment Management.
After leaving the Commission he moved to New York, where he became a partner in a number of law firms, including Shearman & Sterling LLP, Wilkie Farr & Gallagher LLP, and Stroock & Stroock & Lavan LLP. He currently is Of Counsel to Stroock. He also serves as an independent director of the WisdomTree Funds and the Better Business Bureau of Greater New York.
Marianne K. Smythe
Marianne Smythe served as the Director of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management from late 1990 to mid-1993. She was the Executive Assistant (now called “Chief of Staff”) to SEC Chairman Richard C. Breeden from late 1989 to late 1990. From 1987 to 1990, she served in the Division of Investment Management, becoming an Associate Director in 1988. In the 1970s, she served in various capacities at the SEC, after beginning as a staff attorney in the Division of Enforcement in 1976. Her posts included serving in the SEC’s Division of Market Regulation (now called Trading and Markets) as a Branch Chief and Assistant Director, and serving on the SEC’s Special Study of the Options Markets.
From 1993 to 2007, Ms. Smythe was a partner in the law firm of Wilmer Cutler & Pickering (which merged with Hale and Dorr in 2004), and a senior counsel to the firm from 2007 to 2009; She retired from the firm mid-year 2009. Her practice included representation of investment advisers, investment companies, broker-dealers, hedge funds and banks. Much earlier (1974 to 1976), Ms. Smythe was an associate at the firm.
In 1981, Ms. Smythe became an Associate Professor of Law at the University of North Carolina at Chapel Hill School of Law, becoming a tenured full professor in 1984. She also served from 1984 to 1987 as the Assistant Provost of the University.
Currently, she serves on the board of directors of a private investment fund. She also occasionally acts as an expert witness in matters involving investment companies, investment advisers and broker-dealers that are registered with the SEC.
In past years, Ms. Smythe has served on several boards of directors of financial services professional groups. These included the National Endowment for Financial Education, and the Certified Financial Planner Board of Standards. In the 1990s, she also served for two years as a member of the Board of the Philadelphia Stock Exchange and for five or six years as a member of the Board of Visitors of the J. Reuben Clark School of Law of Brigham Young University. In 2011 she served as a corporate governance consultant on a project in Bangladesh funded by the Asian Development Bank.
In 1965 and 1966, Ms. Smythe served as a Peace Corps Volunteer in Nigeria.
Ms. Smythe graduated from Bucknell University in 1963 with a B.S. in Biology and with honors from the University of North Carolina at Chapel Hill School of Law in 1974 with a J.D. degree. At law school, she was Articles Editor of the Law Review and a member of the Order of the Coif.
Barry P. Barbash is a co-head of the firm’s Asset Management Group and has been a practitioner in the asset management area for over 35 years. He combines deep private practice experience with extensive knowledge of the regulation of the asset management business, having, among other things, served from September 1993 until October 1998, as the Director of the Securities and Exchange Commission’s Division of Investment Management.
Mr. Barbash has a diverse practice covering all aspects of the asset management business. He regularly advises investment managers and fiduciaries, independent directors and trustees, and mutual fund, exchange-traded fund, hedge fund, private equity fund and venture capital fund clients on a variety of transactional, compliance and regulatory matters. His areas of expertise include investment adviser operations, compliance procedures and policies and fund governance matters. He regularly represents buyers and sellers in asset management merger and acquisition transactions and restructurings and advises asset managers of all types in connection with administrative and court actions brought by securities regulators. He has particular experience and expertise dealing with “status” issues arising under the Investment Advisers Act of 1940 and the Investment Company Act of 1940. He has, in addition to serving as the Director of the SEC’s Division of Investment Management, held staff attorney positions with the Division of Investment Management and the Plan Benefits Security Division in the Office of the Solicitor of the U.S. Department of Labor, which has responsibility for the administration of the fiduciary responsibility provisions of the U.S. federal employee benefit plans law. His practice has been focused on investment advisers, fiduciaries and securities regulation since 1978.
Paul F. Roye
Paul F. Roye is a senior vice president of the Fund Business Management Group of Capital Research and Management Company ("Capital Research"); Chief Legal Officer of The American Funds; chairman of the board and trustee of the Capital Private Client Services Funds and Capital Emerging Markets Total Opportunities Fund; vice chairman of The American Funds Tax-Exempt Series I; director of American Funds Service Company; executive vice president, principal executive officer and trustee of Washington Mutual Investors Fund; executive vice president and principal executive officer of Growth Fund of America, American Mutual Fund, Fundamental Investors, International Growth and Income Fund, and SMALLCAP World Fund; and senior vice president of American Balanced Fund, The Income Fund of America and Investment Company of America.
Prior to joining Capital Research in 2005, he was Director of the Division of lnvestment Management for the U.S. Securities and Exchange Commission, where he worked for three SEC Chairman and was among the most senior financial services regulators in the United States, with principal oversight for the investment management industry and public utility holding companies. During his tenure, he received the Chairman's Award of Excellence, the highest honor that can be bestowed upon an SEC staff member. Prior to becoming director, he was a member of the Washington office of the law firm of Dechert, where he was a partner in the firm's Financial Services, lnvestment Management and Corporate Securities Practice Group, specializing in the area of institutional investor law. His practice involved providing advice and assistance to a wide variety of domestic and foreign investment companies, as well as investment advisers, broker-dealers, banks and insurance companies.
Paul holds a J.D. from the University of Michigan Law School at Ann Arbor, where he was Note and Comment Editor of the University of Michigan Journal of Law Reform. He also holds an A.B., cum laude, from Dartmouth College in Hanover, New Hampshire. Paul serves on the Investor Issues Committee of the Financial Industry Regulatory Authority, serves on the Board of Directors of the Association of Securities and Exchange Commission Alumni and Friends, the Foundation of the California African American Museum and the Southern Africa Legal Services Foundation. He also serves on the Executive Council of the Federal Bar Association.
Paul is admitted to practice law in the District of Columbia and is a member of the District of Columbia Bar Association.
Norm Champ is the former Director of the Division of Investment Management at the Securities and Exchange Commission. Under his leadership, the SEC adopted a new rule in July 2014 to reform money market mutual funds. He also led the creation of the Division's Risk and Examination Office which monitors the investment management industry and certain firms to understand risks that regulations should address. He was the leader of the SEC’s interactions with the Financial Stability Oversight Council as the Council turned its attention to designating asset management firms as “systemically important.” Mr. Champ also headed the creation of Guidance Updates and Senior Level Engagement, initiatives created to provide transparency to the industry and to engage with boards and senior managements of asset management firms, respectively. In addition, Mr. Champ led a Division-wide reassessment called “IM Moving Ahead” that resulted in a reorganization of the Division. Mr. Champ also steered the Commission towards the adoption of the portion of the Volcker Rule covering private funds and other matters. For his service at the SEC, Mr. Champ received the Chairman’s Award for Law and Policy in 2014, the Chairman’s Award for Labor Management Relations in 2014 and the Chairman’s Analytical Methods Award in 2013.
Prior to becoming the Director of the Division of Investment Management, Mr. Champ was the Deputy Director of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) and the Associate Regional Director for Examinations in the SEC’s New York Regional Office. In that capacity he supervised examinations of broker-dealers, investment advisers/investment companies, exchanges, clearing agencies and credit rating agencies. Mr. Champ led a reorganization of OCIE to place more supervisors in the field, increase exam expertise and make exam reports electronic. While in OCIE, Mr. Champ received the Chairman’s Award for Law and Policy in 2011 and the Chairman’s Award for Labor-Management Relations in 2011.
Mr. Champ is a Lecturer on Investment Management Law at Harvard Law School, where he also was a Visiting Scholar for the Spring Term 2015. He is doing research and working on a book based on his experiences at the SEC.
Mr. Champ participated in the SEC’s Technical Assistance program in Saudi Arabia, Abu Dhabi and Hong Kong. He has been a speaker on securities law topics at SEC programs, Princeton University’s Bendheim Center for Finance, UCLA’s Institute for Practical and Applied Mathematics, the Practicing Law Institute, ICI, SIFMA, MFA, the Saudi Central Bank, the New York City Bar Association, the International Bar Association and others.
Before joining the SEC in 2010, Mr. Champ was Executive Vice President and General Counsel of Chilton Investment Company, an investment adviser to long/short equity hedge funds and managed accounts.
Prior to joining Chilton in 1999, Mr. Champ was with the law firm of Davis Polk & Wardwell. From 1990 to 1992, Mr. Champ clerked for the Honorable Charles S. Haight, Jr. of the U.S. District Court for the Southern District of New York.
Mr. Champ has an A.B., summa cum laude, in History from Princeton University and a J.D., cum laude, from Harvard Law School. He was a Fulbright Scholar at King’s College London where he received his M.A. in War Studies.
Mr. Champ lives in New York City with his wife and four children.