Washington, D.C., Nov. 19, 2010 — Securities and Exchange Commission Chairman Mary L. Schapiro today named Jennifer B. McHugh as Acting Director of the SEC's Division of Investment Management, replacing Andrew J. "Buddy" Donohue who is leaving the agency today after four years heading the Division.
Ms. McHugh, currently a senior advisor in the Office of the Chairman, will hold the position until a new director is appointed, at which time she will return to the Chairman's office. In her capacity as senior advisor, Ms. McHugh advises the Chairman on issues related to mutual funds and investment advisers.
"Jennifer is extremely well-versed in the operations of the Division and has extensive knowledge of the mutual fund industry," said Chairman Schapiro. "I rely upon Jennifer for her wise counsel and practical insight."
The Division of Investment Management seeks to protect investors and promotes capital formation through the oversight and regulation of the nation's multi-trillion dollar investment management industry.
Ms. McHugh is an 11-year SEC veteran who joined the SEC as an attorney in the Division of Investment Management in 1999 to focus on mutual fund rulemaking. In 2000, she was named Special Counsel in the Office of Investment Adviser Regulation. From 2001 to 2009, Ms. McHugh served as Senior Advisor to the Director in the Division of Investment Management, advising two Directors and two Acting Directors on management and policy issues. Ms. McHugh received her JD, magna cum laude, from Catholic University where she was the Lead Articles Editor of the Catholic University Law Review. She received her BA, cum laude, from the University of Notre Dame. Prior to joining the SEC staff, Ms. McHugh was an associate in the Investment Management Practice Group of Dechert LLP.