The Securities and Exchange Commission is expanding its New York office staff of 360 people by 33, or nearly 9%, in an effort to better regulate hedge funds and brokerages. The SEC will hire 18 additional people in enforcement and 15 in examinations.
“We have obtained the funds to do more hiring,” George Canellos, the head of the SEC’s New York office, told Reuters. With so many investment professionals, including former hedge fund managers, out of work, “it does allow us to take advantage of great opportunities that haven’t always been available,” Canellos added.
“We want to be able to talk shop with the hedge fund managers and private equity fund managers and make sure that the industry is able to get the message from a unit in a very direct way,” said Bruce Karpati, co-chief of the asset management unit reporting to SEC Director of Enforcement Robert Khuzami.