July 5 (Bloomberg) -- Norm Champ, a former general counsel to hedge-fund manager Chilton Investment Co., has been appointed director of the U.S. Securities and Exchange Commission’s Investment Management unit, the agency said today.
Champ, who joined the SEC in 2010 as associate regional director for examinations in its New York office, will succeed former Goldman Sachs Group Inc. executive Eileen Rominger, who is retiring, the agency said in an e-mail statement. Champ will assume his new duties on July 9, the SEC said.
“Norm has proven himself to be a natural leader and an expert at managing programs that bolster our financial markets and protect investors,” SEC Chairman Mary Schapiro said in the agency’s statement. “His breadth of experience and deep insight into so many aspects of the securities industry will well serve investors and the agency.”
The office Champ will lead is responsible for promoting capital formation through oversight and regulation of the multi-trillion dollar investment management industry, the SEC said in its statement. Rominger stepped down after less than two years on the job amid divisions among commissioners over whether tougher rules are needed for money-market funds.
“Capable and effective leadership of the division is of critical importance to mutual funds and their 90 million shareholders,” Paul Schott Stevens, president of the Investment Company Institute, said in a statement. “Mr. Champ’s knowledge of our industry, developed through his rich professional experience, including his regulatory experience overseeing investment company and investment adviser examinations, make him extraordinarily well-equipped to serve the commission in this vital role.”
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