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Rating:SEC Hires a Legg Mason Vet Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 21, 2011

SEC Hires a Legg Mason Vet

Reported by Armie Margaret Lee

The SEC has tapped Legg Mason [see profile] veteran Andrew Bowden to head up the national investment adviser and investment company examination program in the Office of Compliance Inspections and Examinations. The OCIE post has been vacant since end-April, when Gene Gohlke retired.

Bowden will start at the SEC November 1 and report to OCIE director Carlo di Florio. As associate director, Bowden will be in charge of 450 lawyers, accountants and examiners tasked with inspections of investment advisers and investment companies.

Bowden hails from Legg Mason Capital Management, where he serves as executive director overseeing sales, service, marketing, proxy voting and corporate governance. His previous roles included serving as general counsel and chief operating officer. Bowden had also worked at Legg Mason Inc. as deputy general counsel.

Legg Mason Capital Management does not plan to appoint a replacement for Bowden, according to a company spokeswoman.
Company Press Release

Andrew J. Bowden Named Head of SEC's National Investment Adviser/Investment Company Examination Program


Washington, D.C., Oct. 21, 2011 – The Securities and Exchange Commission today announced that Andrew J. Bowden has been appointed an Associate Director to lead the National Investment Adviser/Investment Company Examination Program in the SEC's Office of Compliance Inspections and Examinations (OCIE). He starts on November 1.

Mr. Bowden comes to the SEC from Legg Mason, where he held senior executive positions in its legal/compliance and business units. Mr. Bowden will oversee a staff of approximately 450 lawyers, accountants, and examiners responsible for the inspections of U.S.-registered investment advisers and investment companies.

"Drew brings extensive experience in the operation and oversight of investment advisers and investment companies and will help us implement our risk-based approach to examination of investment advisers and companies,” said OCIE Director Carlo di Florio. “Drew also has expertise in leading corporate governance initiatives, which will serve us well as we continue our dialogue with senior management and boards on critical business, risk, and regulatory matters.” Mr. Bowden said, “I am grateful for the opportunity to join the investment adviser/investment company professionals at OCIE. Collectively, they have thousands of years of examination experience, which they use to promote compliance and to ensure that investors are treated fairly. I look forward to supporting them in this mission.” Mr. Bowden succeeds Gene Gohlke, who retired from the agency earlier this year after 35 years of public service. Since Mr. Gohlke’s retirement, OCIE Deputy Director Norm Champ has served as the Acting Associate Director of the National Investment Adviser/Investment Company Examination Program.

Early in his career, Mr. Bowden worked at Legg Mason, Inc., and later for Legg Mason Capital Management in various roles, including General Counsel, Chief Operating Officer and ultimately Executive Director for Sales, Client Service and Marketing. He also has served on the Board of Governors and Executive Committee of the Investment Advisers Association. He holds a Bachelor of Arts degree in the Honors English Program at Loyola University in Baltimore and a law degree from The University of Pennsylvania.

OCIE conducts the SEC’s national examination program for investment advisers and investment companies, broker-dealers, self regulatory organizations, clearing agencies, transfer agents, and credit rating agencies to fulfill its mission of promoting compliance, preventing fraud, monitoring risk and informing SEC policy.

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