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.