(Bloomberg) -- The top lawyer of Goldman Sachs Groups asset management unit is leaving the bank to become the top aide to U.S. Securities and Exchange Commission Chair Mary Jo White, the agency said Wednesday.
Andrew Buddy Donohue returns from Wall Street to the agency where he previously served as head of investment management regulation from 2006 to 2010. His appointment adds an industry veteran to Whites staff as the agency fends off questions from other regulators about whether its oversight of the asset management industry is sufficient.
Buddy is a seasoned professional whose previous SEC and private-sector experience will be invaluable in advancing all aspects of the agencys mission, White said in a statement. His deep knowledge of asset management will be especially useful as the commission advances its rulemaking agenda for addressing potential risks in asset management and considers a uniform fiduciary standard.
Donohue, 64, served as general counsel of Goldmans asset- management unit, which manages mutual funds. White has outlined a regulatory agenda that would add requirements to how mutual funds manage derivatives and other hard-to-sell assets. Other regulators have questioned whether large asset managers could threaten financial stability.
Before his earlier stint at the SEC, Donohue served as global general counsel of Merrill Lynch Investment Managers from 2003 to 2006, the agency said. He was also a partner in the investment management practice of Morgan Lewis & Bockius, according to the statement.
Donohue will succeed Lona Nallengara, who announced this month that he will step down next month after serving as Whites chief of staff since 2013.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access