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News April 13, 2015 Issue

Bowden Will Leave OCIE, Acting Director Named

The SEC will lose the current director of its examination division on April 30.

Andrew Bowden, director of the SEC’s Office of Compliance Inspections and Examinations since June 2013, will leave OCIE at the end of the month to return to the private sector, the SEC announced April 7.

The Commission on April 9 named Mark Wyatt as OCIE’s acting director. He currently serves as OCIE  deputy director, a post he was appointed to in October 2014. Wyatt joined the SEC in December 2012 as a senior specialized examiner focused on examinations of advisers to hedge funds and private equity funds.

Bowden joined the SEC in November 2011, starting as OCIE’s national associate for the investment  adviser/investment company examination program. He became deputy director of OCIE in September 2012,  before becoming director the next year.

Bowden, a familiar face at industry conferences, placed a greater emphasis than was previously the case in sharing the information that OCIE collected with both the Commission and with the public, the agency said. Among the highlights of his tenure were:

  • Completion of the presence-exam initiative, which "provided education, examination and guidance to newly registered investment advisers," the agency said. The presence exam program is currently expanding to include never-before-examined advisers and investment companies, as well as initial examinations of newly registered municipal advisers.
  • Enhancements in OCIE’s ability to collect and analyze large data sets "for the purpose of identifying examination candidates and conducting more targeted, data-reliant and impactful examinations."
  • Exam initiatives in certain specified areas, including the payment of fees by advisers and mutual funds to distribution entities, risks to investors in fixed income and alternative mutual funds, and business continuity preparedness in the aftermath of Hurricane Sandy.

"The Investment Adviser Association and the advisory community applaud Andrew Bowden for the significant improvements he brought to OCIE during his tenure," said IAA president and CEO Karen Barr after Bowden’s departure was announced.

Prior to joining the SEC, Bowden worked in both the broker-dealer and asset management industries, as well as in private legal practice, in a variety of roles, the agency said. He graduated from Loyola University in Maryland in 1983 and from the University of Pennsylvania Law School in 1987.