The US Securities and Exchange Commission (SEC) has named Julie Riewe and Marshall Sprung as co-chiefs of the Division of Enforcement’s asset management unit, which targets investment advisers, investment companies and private funds.
Riewe and Sprung have been serving as deputy chiefs of the asset management unit since May 2012. They succeed Bruce Karpati, the unit’s inaugural chief, who left in May.
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Riewe and Sprung were ‘instrumental in developing several proactive risk-based initiatives" that address emerging fraud trends in asset management, including one focused on "advisors’ undisclosed receipt of compensation from broker-dealers and their affiliates to reward the advisers for making certain types of investments," the regulator said in a statement.
In addition the pair has supervised a number of significant investigations into misconduct by mutual funds, hedge funds, and private equity funds.
Riewe, who has been at the SEC since 2005, and Sprung, who started with the agency in 2003, both worked as lawyers prior to joining the SEC.
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By GlobalData
