The Securities and Exchange Commission today announced that Julie M. Riewe, Co-Chief of the Enforcement Division’s Asset Management Unit, is planning to leave the agency next month.
As co-head of the unit for the past two-and-a-half years, Ms. Riewe has overseen a staff of nearly 80 attorneys, industry experts, and other professionals responsible for conducting investigations into investment advisers, investment companies, and private funds. Co-Chief Marshall Sprung will continue to lead the unit following Ms. Riewe’s departure.
“Julie is incredibly intelligent, tenacious, and skilled at developing cases,” said Andrew J. Ceresney, Director of the SEC’s Division of Enforcement. “She has helped our asset management enforcement unit to grow in its expertise, spearheaded significant initiatives, and led the unit to having a tremendous impact on the behavior of asset managers and investment advisers.”
Ms. Riewe said, “I have been privileged to work alongside incredibly dedicated and talented colleagues in the nationwide Asset Management Unit and throughout the Division of Enforcement and the SEC. The unit staff’s expertise and their close collaboration with other offices across the SEC have transformed the way the SEC protects investors from fraud and other unlawful industry practices.”
Ms. Riewe was instrumental in overseeing various high-impact, data-driven risk-analytic initiatives within the Asset Management Unit, including the Aberrational Performance Inquiry, which focused on suspicious returns by hedge funds, and the Cherry-Picking Initiative, which targets the unfair allocation of trades and investment opportunities. A hallmark of her tenure as Co-Chief was close collaboration with the SEC’s National Exam Program and Division of Investment Management and with the enforcement and examination staff in the SEC’s regional offices. These collaborations resulted in impactful sweeps and enforcement actions.
During Ms. Riewe’s tenure as Co-Chief, the Asset Management Unit brought enforcement actions that addressed a wide range of misconduct across the asset management industry. Many of these actions were firsts of their kind and included charges against:
Ms. Riewe began her SEC career in 2005 as a staff attorney in the Enforcement Division in Washington D.C. and was promoted to branch chief in 2008. In 2010, she was promoted to be an assistant director in the newly-formed Asset Management Unit, was appointed co-deputy chief of the unit in 2012 and co-chief in 2013. Ms. Riewe received the SEC Chairman’s Award for Excellence in Leadership in 2015 and the Ellen B. Ross Award in 2007. Before joining the SEC, Ms. Riewe was in private practice in Washington D.C.