Mark Wyatt, a seasoned private funds inspector, will take over the helm of the Office of Compliance Inspections and Examinations (OCIE) at the end of April.
He replaces Andrew Bowden, who is leaving the commission to reenter the private sector. Wyatt will serve as interim director until a decision is made to keep him there permanently or to launch a search for his successor.
Wyatt briefly co-chaired a private fund exam unit alongside Igor Rozenblit until he was promoted to deputy director of OCIE last October. He first joined the commission in December 2012 as a specialist examiner focused on hedge fund and private equity fund advisers.
Before coming to the SEC, Wyatt was a principal and senior portfolio manager of a global multi-strategy hedge fund, and before that a senior investment banker in the US and the UK.
As OCIE director, Wyatt is likely to encourage a healthy dialogue between regulators and registered advisers. At an industry event earlier this year, he encouraged private fund managers to ask questions, seek guidance and even provide the commission with negative feedback without concern that any remarks would lead them to being targeted for an exam, pfm previously reported.
OCIE recently completed a two year sweep of newly-registered private fund advisers that is expected to culminate in an after-action report in the coming months.
“[Wyatt] has shown strong leadership in building the private fund unit and serving as OCIE's deputy director,” said SEC chair Mary Jo White in a statement. “His experience and management skills will serve him well as he leads our examination program.”