SEC investment director David Grim to step down

Grim has been at the regulator for more than 20 years and became director of the investment management division in 2015.

The Security and Exchange Commission’s director of the division of investment management, David Grim, will leave the agency in September after more than 20 years.

Grim became director of the division of investment management in 2015, having been its deputy from 2013. He replaced former director Norm Champ, who is now a partner at global law firm Kirkland & Ellis.

Under Grim, the SEC adopted “enhanced public disclosure” of data regarding private fund advisors and “modernized the data reporting regime for investment companies,” the commission said.

Grim was a supporter of the Dodd-Frank Act. In a 2016 speech at the PLI Investment Management Institute in New York, he praised its requirement that private fund managers register with the SEC, saying it had aided the commission’s understanding of the industry, with regard to its pre-exam evaluations.

Grim has spent his entire career at the SEC, having joined as a staff attorney in the Office of Investment Company Regulation in 1995. His roles included becoming assistant chief counsel in 2007, having moved to the chief counsel division in 1998.