Nineteen-year veteran David Grim will step in as acting director of the SEC's division of investment management, which oversees the asset management industry, the commission announced Tuesday.

He replaces his predecessor Norm Champ, who left the SEC last month.

Grim has worked in the division of investment management his entire career, most recently serving as its deputy director, according to a statement from the commission.  

Grim signed on with the SEC in 1995 as staff attorney for the division's office of investment company relations. After three years, he was moved to the division's office of chief counsel where he was named assistant chief counsel in 2007. In his latest position as deputy director, which he held for the past two years, Grim was responsible for overseeing the disclosure review, rulemaking, guidance, and risk monitoring, the SEC said.

The move comes on the heels of the SEC's request for additional funding from Congress to strengthen its examiner base. The commission requested funds that would enable it to hire 225 new examiners, increasing its budget request for fiscal 2016 to $1.722 billion, up from the 2015 budget of $1.542 billion.

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