It's been reported that the Securities and Exchange Commission will soon appoint a lawyer from Merrill Lynch Investment Managers to take charge of mutual fund regulation.

According to the Wall Street Journal, inside sources say the Commission is on the verge of naming Andrew "Buddy" Donohue as head of its investment management division.

The division has had two interim leaders since Paul Roye announced his departure from the Commission in February 2005. Meyer "Mike" Eisenberg took over from Roye and served until he took up a full-time teaching post at the end of last year. Susan Wyderko has been the acting head of the investment management division since January.

Donohue has served as general counsel at Merrill Lynch Investment Managers since 2003. Previously, he was executive vice president and general counsel at Oppenheimer Funds. If appointed, his tasks will include spearheading the body's efforts to finalize mutual fund regulations concerning disclosure, corporate governance, and trade timing.  

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