A veteran lawyer for alternative asset managers is now expected to take over next month as the mutual fund industry's top regulator.

Brian T. Daly U.S. Securities & Exchange Commission Incoming Director of the Division of Investment Management

This morning, Paul Atkins, the new chair of the U.S. Securities and Exchange Commission (SEC), reveals that he has chosen Brian Daly as the next director of the SEC's division of investment management. The revelation comes four days after Atkins publicly revealed that the IM division's current chief, Natasha Vij Greiner, will leave the Washington, D.C.-based agency next month.

Daly is expected to join the SEC on Tuesday, July 8, the SEC team confirms. Greiner is expected to depart on the prior Friday, July 4.

New York City-based Daly currently serves as a partner at Akin Gump Strauss Hauer & Feld LLP. The law firm has more than 700 lawyers and advisors across 17 offices, and Daly is part of the global funds regulatory and investment management practices. Per his Akin profile, Daly's "areas of focus" include:

hedge funds;

credit funds;

commodities funds;

digital assets, cryptocurrency & blockchain;

investment management;

fund formation;

private equity;

private capital; and more.

Daly "advises private equity managers, hedge fund managers, venture capital managers and family office clients on regulatory compliance and operational matters," per his Akin profile.

Atkins lauds Daly as someone with "deep familiarity with all levels of the investment management industry."

"I look forward to working with him as we address smart, effective oversight of the industry and its relationships with investors," Atkins states. "I am looking forward to working with Brian on common-sense regulation that does not impose unnecessary burdens and genuinely embraces the public comment process."

Daly, for his part, applauds the SEC's "commitment to regulatory oversight" and highlights his own history of "advising clients on compliance and providing public comment from the investment management point of view during agency rulemaking."

"I am optimistic about this new day at the SEC and eager to get to work with Chairman Atkins and my new colleagues to ensure regulatory compliance by investment advisers and fund managers while tailoring rulemakings within our statutory authority," Daly states.

Daly joined Akin in 2021 after eight years with Schulte Roth & Zabel LLP. Prior to that, he held senior leadership roles (CLO, CCO, and/or GC) with several asset managers, including:

Kepos Capital, a quant shop;

Raptor Capital Management;

the hedge fund platform at the Carlyle Group, a private equity firm; and

Millennium Partners, a hedge fund firm.

He also previously served on the board of the Managed Funds Association (a private funds trade group) and lectured at Yale Law School. He is an alumnus of Stanford Law School, the University of Hawaii at Manoa, and the Catholic University of America. 

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