The Securities and Exchange Commission’s deputy director of the Division of Investment Management – and a major player in the agency’s attempt to fix the mutual fund industry – is leaving her position there to take on a role as senior vice president and compliance executive for securities regulation and conflicts management at Bank of America.

Cynthia M. Fornelli, who had worked at the Commission since June 1999 after spending years in private practice at Washington-based firms Dechert Price & Rhoads and Fried, Frank, Harris, Shriver & Jacobson, "had an outstanding career at the Commission," according to Paul F. Roye, the director of the Division of Investment Management. Her law degree is from George Washington University.

"Cindy has played a critical role in the Commission’s mutual fund reform efforts, said SEC Chairman William Donaldson. "I am pleased that Cindy will be leading a significant industry player in its conflicts management function. Her contribution at the SEC has been substantial and she will be missed."

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