(Bloomberg) -- The top regulator of mutual funds, private equity and hedge funds at the SEC will step down later this month.
Norm Champ, the SECs director of investment management, will resign after five years at the agency, the SEC said today in a statement. Champ oversaw efforts to adopt new regulations for money-market mutual funds, which the five-member SEC approved in July.
Before joining the SEC in 2010, Champ worked as general counsel of hedge-fund firm Chilton Investment Co. and also served on the board of directors of the Managed Funds Association, which lobbies for hedge funds. Champ, 51, will become a visiting scholar at Harvard Law School, the SEC said.
He will leave the SEC one month after SEC Chair Mary Jo White announced plans for new rules targeting mutual funds that have adopted more complex strategies.
The commission has benefited greatly from Norms expertise and sound judgment and we have been very fortunate to have had him work on behalf of U.S. investors and our markets, White said in a statement.