One of SEC Chairwoman Mary Schapiro’s senior advisors, Jennifer McHugh (left), was named on Tuesday as senior advisor to Norm Champ, the director of the SEC’s Division of Investment Management.
The news of McHugh’s appointment comes on the heels of the SEC releasing in early December its 2012 Financial Report, which stated that the Division of Investment Management plans to hire additional examiners in 2013 to oversee mutual funds and advisors, if the money is available.
Indeed, McHugh–who has been with the SEC for 13 years and was the leader of the SEC’s mandated study of fiduciary duty under the Dodd-Frank Act–will be responsible for advising Champ on issues related to mutual funds and advisors. McHugh starts her new position on Dec. 17, just three days after Schapiro’s planned departure.
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 Schapiro since 2009. She joined the agency in 1999 as an attorney in the Investment Management division, where she focused on mutual fund rulemaking.
Champ said in the statement announcing HcHugh’s appointment that “Jennifer has a wealth of experience from her last four years in the Chairman’s Office that will be extremely helpful to the Division.”
The planned new examiners to be hired by Investment Management, the SEC’s financial report states, “would increase investor protection by supplementing and coordinating with other examination efforts. They would also bring skills and specialized experience to examinations of funds and investment advisers.” In addition, the examiners’ specialized skills are “expected to directly inform and support and improve policies and rulemakings that address industry practices observed during exams.”
McHugh said in the same statement that she looks “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.”
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 Notre Dame. Prior to joining the SEC staff, McHugh was an associate in the Investment Management Practice Group of Dechert LLP.