• Director of SEC’s Division of Investment Management to Leave SEC
  • February 13, 2015
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • Norm Champ, the Director of the SEC’s Division of Investment Management (IM), is leaving the SEC. His replacement has not been named. Since his appointment in 2012, Mr. Champ has been involved with a number of initiatives, including the creation to the Risk and Examination Office of IM, the Senior Level Engagement Program, which fosters communication between IM and senior management of “strategically important” investment management firms, and the issuance of “IM Guidance Updates.” Champ’s tenure was of particular note to private fund managers, as it represented a period in which IM was led by a private fund industry veteran.

    Mr. Champ previously worked at Chilton Investment Company, served on the Board of Directors at the Managed Funds Association, a trade association for the hedge fund industry, and was a lecturer on private funds at Harvard Law School. Only time will tell whether Mr. Champ’s successor will have similar institutional knowledge of private funds, and the implications of Mr. Champ’s departure on the industry.