“The single most significant trend in securities enforcement today is the increased allocation of resources to misconduct by investment advisors,” says Robert Kaplan, the former co-chief of the Securities and Exchange Commission’s Asset Management Unit, which is housed within the agency’s Division of Enforcement.
Kaplan left his post at the SEC and on June 1 joined the law firm Debevoise & Plimpton. He is now a litigation partner resident within the White Collar and Regulatory Enforcement Practice at the firm’s Washington office.
At Debevoise, Kaplan will represent clients in a broad range of securities-related enforcement and compliance issues, particularly those involving requirements affecting SEC-registered investment advisors affiliated with hedge funds, private equity funds, investment companies, mutual funds and separately managed funds—all areas the Asset Management Unit at the SEC focuses on as well.
As one of the co-chiefs of the Asset Management Unit, Kaplan, along with Bruce Karpati, co-led a team of 75 lawyers and industry experts focused on investigations related to potential violations of securities laws by advisors to hedge funds, private equity funds, mutual funds and separately managed accounts.
Karpati has now been named director of the Asset Management Unit, Kaplan says, and the SEC will also appoint two deputy chiefs to help him.
Formed in 2009 after the Bernie Madoff Ponzi scheme and market plummet of 2008, the Asset Management Unit, Kaplan says, has, by many measures, been “unprecedented in its success.”