On Monday afternoon, the
SEC issued a formal announcement which confirmed speculation that Merrill Lynch lawyer
Andrew "Buddy" Donohue will be the next director of its Division of Investment Management.
The
Wall Street Journal reported Monday morning that the appointment was imminent. Donohue replaces
Paul Roye, who stepped down from the post just over a year ago. In the interim period,
Meyer "Mike" Eisenberg and
Susan Wyderko served as acting directors. He will be sworn in on May 15.
At Merrill Lynch Investment Managers, Donohue has served as Global General Counsel, overseeing compliance for the firm's management of over $500 billion in assets. In a press release Monday, SEC chairman
Christopher Cox praised Donohue as someone "committed to promoting effective mutual fund governance, sturdy compliance, and plain English information for mutual fund and ETF purchasers." Following the SEC's announcement, the
ICI issued a statement expressing its approval of Donohue's "deep knowledge of our industry, long professional experience, and proven management capabilities."
Before joining Merrill Lynch, Donohue spent more than ten years at
OppenheimerFunds, where he was executive vice president, general counsel, director, and a member of the executive committee. Previously, he worked as a orporate and securities lawyer with the firm of Kraft & McManimon in Newark, N.J.
 
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