Bowden to leave the SEC

The commission’s chief inspector, Andrew Bowden, will depart at the end of April for a position in the private sector

Andrew Bowden, director of the Office of Compliance Inspections and Examinations (OCIE) at the US Securities and Exchange Commission (SEC), will leave the agency at the end of April to return to the private sector. Marc Wyatt is the office’s current deputy director.

It is unclear where Bowden will land. The SEC declined comment.

Last month, Bowden raised eyebrows when he took on a flattering tone of private equity during an industry conference, calling it “the greatest business you could possibly be in.” He went on to suggest that his own son should consider becoming a fund manager.

Bowden joined commission’s exam unit in November 2011, eventually being named deputy director of OCIE in September 2012 and then director in June 2013. In the private equity space, he is most well-known for spearheading a two year exam initiative of newly-registered private fund advisers that began with his predecessor Carlo di Florio in 2012.

Before joining the SEC, Bowden worked in private law practice, chiefly on legal, regulatory, and compliance issues involving broker-dealer activities. He spent 17 years at Legg Mason in a variety of legal, compliance, and senior business roles related to Legg Mason's broker-dealer and investment management businesses.

“[Bowden] has served as a thoughtful, creative, and dedicated advocate for investors, OCIE, and the commission,” said SEC chair Mary Jo White. “Under his leadership, OCIE has effectively engaged with investors and the industry to promote compliance, worked to detect and prevent fraud, and advised the commission on policy issues and developing risks.”