On Monday afternoon, the SEC
issued a formal announcement which confirmed speculation that Merrill Lynch lawyer Andrew "Buddy" Donohue
will be the next director of its Division of Investment Management.
The Wall Street Journal
reported Monday morning that the appointment was imminent. Donohue replaces Paul Roye
, who stepped down from the post just over a year ago. In the interim period, Meyer "Mike" Eisenberg
and Susan Wyderko
served as acting directors. He will be sworn in on May 15.
At Merrill Lynch Investment Managers, Donohue has served as Global General Counsel, overseeing compliance for the firm's management of over $500 billion in assets. In a press release Monday, SEC chairman Christopher Cox
praised Donohue as someone "committed to promoting effective mutual fund governance, sturdy compliance, and plain English information for mutual fund and ETF purchasers." Following the SEC's announcement, the ICI
issued a statement expressing its approval of Donohue's "deep knowledge of our industry, long professional experience, and proven management capabilities."
Before joining Merrill Lynch, Donohue spent more than ten years at OppenheimerFunds
, where he was executive vice president, general counsel, director, and a member of the executive committee. Previously, he worked as a orporate and securities lawyer with the firm of Kraft & McManimon in Newark, N.J.
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