Goldman asset unit hires ex-SEC division head
NEW YORK (Reuters) - Goldman Sachs Group's asset management unit on Monday named a former head of the U.S. Security and Exchange Commission's investment management division as its deputy general counsel.
Andrew "Buddy" Donohue, who most recently was a partner in the New York office of Morgan Lewis & Bockius LLP, will join Goldman Sachs Asset Management effective November 1.
Donohue said he decided to make the change because he believes he can make more of an impact in-house. "I like being part of the discussions with management about issues and approaches the firm can take early on," he told Reuters.
Donohue will report to Ellen Porges, general counsel for Goldman Sachs Asset Management.
He was head of the division of investment management at the SEC from May 2006 to November 2010. In his role, he spearheaded an initiative to restrict how much mutual fund companies could charge in marketing and servicing fees, known as 12b-1 fees. The proposal was met with vehement opposition and ultimately never passed.
Donohue also led the SEC's examination of how ETFs use derivatives, which is ongoing. Prior to the SEC, Donohue served as global general counsel for Merrill Lynch Investment Managers and before that as general counsel at OppenheimerFunds.
Goldman Sachs Asset Management has $702 billion in assets, according to the firm's website. The firm's 75 mutual funds alone have $190 billion, according to Lipper.
(Editing by Leslie Adler)