As part of a series of hires The Riverside Company has recruited Jennifer Boyce from law firm Jones Day to act as its chief compliance officer.
The mid-market firm’s chief financial officer Bela Schwartz had previously shouldered compliance duties, according to the firm’s Form ADV filing with the US Securities & Exchange Commission.
A number of GPs prior to registration with the SEC in March had used their CFOs for compliance duties as well, but many have begun separating the chief financial and chief compliance officer roles to meet heightened regulatory obligations.
The SEC is mandating registered firms designate a formal compliance officer with a consistent presence, Michael Patanella, a partner with Grant Thornton, said in a prior interview.
“There’s a lot of balking in the private equity community over this, especially by the larger players,” Patanella said. “GPs are asking why they need a full-time compliance officer when they can more easily have outside attorneys review their legal documents or an accountancy firm fact-check their valuation figures.”
Two other recent Riverside Company hires include former KPMG partner Martin Scott who will reside in the firm’s London office; and Chicago-based operating partner Steve Stubitz, who was previously with asset manager American Capital.