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Thursday, December 13, 2012

Surprise! The SEC Succeeds in Nabbing Two

Reported by Tommy Fernandez

Apparently not everyone is scrambling to leave the SEC after all.

The agency has successfully nabbed two new employees in the wake of Mary Schapiro’s planned departure. Jennifer McHugh has been named senior advisor to the recently appointed Investment Management Division director Norm Champ while Danforth Townley has been appointed as an attorney fellow in the same division.

McHugh served as acting director of the Division of Investment Management from the end of 2010 to early 2011, according to the agency. She has been a senior advisor to Schapiro since 2009.

Schapiro announced her plans to leave the agency in November. Since then, at least three top officials have announced their departures.

Below are the press releases for McHugh's and Townley's appointments.


Company Press Release

Jennifer McHugh Named Senior Advisor in SEC’s Division of Investment Management

FOR IMMEDIATE RELEASE 2012-260

Washington, D.C., Dec. 11, 2012 — The Securities and Exchange Commission today announced that Jennifer B. McHugh has been named Senior Advisor to the Director in its Division of Investment Management.

Ms. McHugh will advise the Director of Investment Management on issues related to mutual funds and investment advisers. She starts her new position on December 17.

“We are excited to have Jennifer join the Division of Investment Management as she brings extensive experience on investment management issues,” said Norm Champ, Director of the SEC’s Division of Investment Management. “Jennifer has a wealth of experience from her last four years in the Chairman’s Office that will be extremely helpful to the Division.”

Ms. McHugh said, “I look forward to working with Norm Champ and the dedicated and talented staff of the Division of Investment Management. The Division’s work developing regulatory policy for mutual funds and investment advisers is particularly meaningful and rewarding because it has a direct impact on everyday investors.”

Ms. McHugh served as Acting Director of the Division of Investment Management from the end of 2010 to early 2011, and has been a Senior Advisor to SEC Chairman Mary L. Schapiro since 2009. She is a 13-year SEC veteran who joined the agency in 1999 as an attorney in the Division of Investment Management, where she focused on mutual fund rulemaking. In 2000, she was named Special Counsel in the Division’s 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 the SEC’s Distinguished Service Award in 2012, and is a three-time recipient of the Chairman’s Award for Excellence.

Ms. McHugh received her J.D., magna cum laude, from Catholic University where she was the Lead Articles Editor of the Catholic University Law Review. She received her B.A., 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.

The SEC’s Division of Investment Management protects investors and promotes capital formation through oversight and regulation of the nation’s multi-trillion dollar investment management industry.




Company Press Release

DANFORTH TOWNLEY NAMED ATTORNEY FELLOW IN SEC’S DIVISON OF INVESTMENT MANAGEMENT

FOR IMMEDIATE RELEASE 2012-265

Washington, D.C., Dec. 13, 2012 — The Securities and Exchange Commission today announced that Danforth Townley has been appointed an Attorney Fellow in its Division of Investment Management, which protects investors and promotes capital formation through oversight and regulation of the nation’s multi-trillion dollar investment management industry.

Mr. Townley will provide counsel on rulemaking issues and other policy initiatives beginning in January 2013.

“We are pleased to announce that Dan is joining the Division of Investment Management. He has longtime experience in private practice in advising hedge funds, private equity funds, and investment companies that will be helpful to the Division,” said Norm Champ, Director of the SEC’s Division of Investment Management.

Mr. Townley said, “I’m extremely excited to have this opportunity to serve at the SEC during this busy period of regulatory change for the financial industry. I look forward to working with Norm Champ and the staff of the Division of Investment Management on important rulemaking activities and other regulatory initiatives.”

Mr. Townley comes to the SEC from law firm Davis Polk & Wardwell, where he is a partner in the firm’s Corporate Department and practices in its Investment Management Group in New York. He has advised clients on investment funds and related corporate finance transactions including the structuring and offering of hedge funds, private equity funds, and other investment vehicles. Mr. Townley has advised financial institutions, fund sponsors, corporations, employees’ securities companies, and other entities about regulatory compliance and exemptions pertaining to the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He has served as Chair of the Practising Law Institute’s Annual Conference on Hedge Funds and as a regular panelist on investment fund topics. From 1985 to 1986, Mr. Townley clerked for the Honorable Robert W. Sweet, U.S. District Court for the Southern District of New York.

Mr. Townley has a B.A. from Yale College, magna cum laude, and a J.D. from Yale Law School, where he served as editor of The Yale Law Journal.

 

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