Marc Wyatt will be vacating his position as co-chair of the Securities and Exchange Commission’s private funds inspection unit in order to fill his new role as deputy director of the Office of Compliance Inspections and Examinations (OCIE), pfm has exclusively learned.
Wyatt will continue co-chairing the OCIE’s Private Fund Specialized Working Group with Igor Rozenblit until a replacement is named, according to a source familiar with the matter. The timeline for appointing his replacement is unclear. The SEC declined to comment.
The dedicated private equity and hedge funds inspections unit was launched in April with Wyatt and Rozenblit at the helm. The 13-person team is now based across five offices: New York, Boston, Washington DC, Chicago and San Francisco.
Wyatt will start in his new role immediately, working as second-in-command to Andrew Bowden, director of the OCIE. Wyatt is replacing Joy Thompson, who has served as acting deputy director since Bowden was promoted to his current role in May 2013.
The promotion will broaden Wyatt’s focus beyond the private funds universe as he assists in conducting the National Exam Program through examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies and transfer agents. The program aims to promote compliance with US securities laws, prevent fraud, monitor risk and inform SEC policy.
Wyatt started at the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds. Before joining the agency, Wyatt was a principal and senior portfolio manager at Stark Investments, a global multi-strategy hedge fund.