Statement Summary
The Securities and Exchange Commission (SEC) has appointed Brian T. Daly as the new Director of the Division of Investment Management, effective July 8. Mr. Daly, a seasoned expert in the investment management industry, has extensive experience at global law firms and investment management firms, focusing on regulatory compliance, legal frameworks, and advising fund managers.
Previously a partner at Akin Gump Strauss Hauer & Feld LLP in New York, he has worked on compliance programs, fund formation, and legal issues. SEC Chairman Paul S. Atkins expressed confidence in Daly’s ability to foster effective oversight and encourage collaborative regulation that supports the industry while maintaining investor protection. Daly expressed eagerness to engage with the SEC team to ensure compliance and optimize regulatory practices.
Original Statement
The Securities and Exchange Commission today announced that investment management industry leader Brian T. Daly will become the new Director of the Division of Investment Management, effective July 8. Mr. Daly brings decades of experience serving in prominent roles at global law firms and investment management firms while advising fund managers and sponsors on regulatory compliance.
For the past four years, he has been a partner in the investment management practice at Akin Gump Strauss Hauer & Feld LLP in New York, where he has guided investment advisers and other clients on their legal and compliance programs, policies, and procedures as well as counseling on fund and management company formation, operational and trading issues, contentious matters, and management company transactions.
“Brian has deep familiarity with all levels of the investment management industry, and I look forward to working with him as we address smart, effective oversight of the industry and its relationships with investors,” said SEC Chairman Paul S. Atkins. “I am looking forward to working with Brian on common-sense regulation that does not impose unnecessary burdens and genuinely embraces the public comment process.”
Mr. Daly said,
“I’ve long respected and appreciated the SEC’s commitment to regulatory oversight while advising clients on compliance and providing public comment from the investment management point of view during agency rulemaking. I am optimistic about this new day at the SEC and eager to get to work with Chairman Atkins and my new colleagues to ensure regulatory compliance by investment advisers and fund managers while tailoring rulemakings within our statutory authority.”
Prior to Akin, Mr. Daly spent nearly a decade as a partner in the investment management group of Schulte Roth & Zabel LLP, advising investment advisers and fund managers on legal, compliance, and operational issues and matters. He was also a founding equity partner of Kepos Capital, a quantitative investment management company, while he served as chief legal and compliance officer. Among other prior positions, Mr. Daly served in general counsel and chief compliance officer positions at Millennium Partners, a Carlyle Group liquid markets fund manager, and Raptor Capital Management. He also taught legal ethics at Yale Law School and served on the board of directors of the Managed Funds Association.
Mr. Daly earned his J.D., with distinction, from Stanford Law School, where he was an associate editor on the Stanford Law Review and the editor-in-chief of the Stanford Journal of International Law. He received his B.A., magna cum laude and Phi Beta Kappa, from Catholic University and his M.A. from the East-West Center at the University of Hawaii.
