The Securities and Exchange Commission has named Andrew "Buddy" Donohue, Merrill Lynch's global general counsel, as the director of its division of investment management, a position that has been filled by two interim managers since Paul Roye's departure in March 2005.

In this post, which he will begin on May 15, Donohue will face a number of critical mutual fund regulatory issues still unresolved, including the independent chairman rule, redemption fees and point-of-sale disclosure.

"Buddy brings invaluable expertise and three decades of experience with mutual fund regulation to our investor protection mission," said SEC Chairman Christopher Cox.

Donohue joined Merrill as general counsel in 2003, having previously worked for OppenheimerFunds as executive vice president and general counsel.

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