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.

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