Asset management firms operating in New York and New Jersey will be seeing changes in the leadership of the regulatory team charged with ensuring they comply with SEC rules and regulations.
Ken Joseph, who has been head of the investment adviser (IA)/investment company (IC) examination program in the SEC’s New York regional office since 2012, is planning to leave the agency. The office is responsible for supervising more than 2,800 registered IAs with more than $18 trillion in assets under management and more than 200 investment company complexes, according to the SEC. As part of their work looking at how firms operate, the exam teams refer certain matters to the agency’s division of enforcement where there are suspected violations.
Joseph previously served as an assistant director in the SEC’s New York-based enforcement division and, when the division was reorganized in 2010, he joined the newly formed asset management unit.
‘Throughout his more than two-decade career at the SEC, Ken has served the commission with dedication, leadership and integrity,’ says Pete Driscoll, acting director of the agency’s office of compliance inspections and examinations, in a statement.
Joseph says in the statement: ‘It has been a privilege and an honor to be entrusted with ever-increasing responsibility for fulfilling the commission’s mission. I have been fortunate to work co-operatively and collegially with professionals, all of whom have been bound by our deep commitment to public service.’
The SEC also said last week that Thomas Butler has been appointed an associate regional director for the IA/IC exam team in New York. He has since 2012 served as the first director of the agency’s office of credit ratings (OCR). Before joining the SEC, Butler was a managing director at Morgan Stanley Smith Barney and Citigroup.
Jessica Kane, director of the office of municipal securities (OMS), has been appointed acting director of OCR. In turn, Rebecca Olsen, deputy director of OMS, will serve as acting director of that office while Kane is assigned to OCR.
An SEC spokesperson declined to comment beyond details in agency announcements.
Ben Maiden
Ben Maiden is the editor-at-large of Governance Intelligence, an IR Media publication, having joined the company in December 2016. He is based in New York. Ben was previously managing editor of Compliance Reporter, covering regulatory and compliance...
