Jennifer McHugh will take over as acting director of the Securities and Exchange Commission’s Division of Investment Management, replacing Andrew "Buddy" Donohue, who is leaving the agency today after four years heading the division.
Currently a senior advisor to Chairman Mary Schapiro, McHugh has worked for the SEC for 11 years, mainly in the division of Investment Management.
Donohue, who was global general counsel at Merrill Lynch Investment Managers prior to joining the SEC, announced his departure in August, but has not said what he’ll do next.
McHugh joined the SEC as an attorney in the Division of Investment Management in 1999 after spending five years as an associate at Dechert.
In 2000, she was named special counsel in the Office of Investment Adviser Regulation. From 2001 to 2009, she served as senior advisor to the director in the Division of Investment Management, advising two directors and two acting directors.
The division is charged with investor protection and for promoting capital formation through oversight and regulation of the United States’ $26 trillion investment management industry.
McHugh will hold the position until a new director is appointed, at which time she will return to the chairman's office.