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News June 1, 2015 Issue

Donohue Returning to SEC

The SEC announced May 28 that Andrew Donohue will return to the Commission as its chief of staff. He previously served as director of the Division of Investment Management for more than four years.

Donohue, who headed the Investment Management Division from May 2005 to November 2010, will replace Lona Nallengara, who the SEC on May 19 said plans to leave the SEC at the end of this month. Nallengara also previously headed an agency division before taking on the chief of staff role, in his case as director of the Division of Corporate Finance.

As the new chief of staff, Donohue will be a senior adviser to chair Mary Jo White on all policy, management and regulatory issues, the SEC said in announcing his appointment. Since leaving the agency, Donohue served in a variety of roles in the private sector, most recently as a managing director, associate general counsel, and investment company general counsel at Goldman Sachs, where he oversaw legal matters related to registered investment companies, the SEC said. Before that, he was a partner at Morgan Lewis.

During Donohue’s time as director of the Investment Management Division, he was instrumental in developing regulations governing the asset management industry, and was responsible for policy and oversight affecting registered investment advisers and investment companies.

Nallengara was named chief of staff by White in May 2013. He was the lead adviser to her on all issues involving the SEC, the agency said, including policy development, rulemaking, strategy, and agency management. He also served as the Commission’s  liaison to the Financial Stability Oversight Counsel and was the primary SEC liaison to other financial regulators.

During Nallengara’s time as chief of staff, the agency completed rulemaking addressing money market funds, asset-backed securities markets, credit rating agency operations, security-based swaps, municipal advisers and proprietary trading activity, and lifting the ban on general solicitation.

Prior to joining the SEC, Nallengara was a partner at Shearman & Sterling where he advised public companies and financial institutions on a wide range of capital raising activities, corporate governance, public reporting, and mergers and acquisitions.

Donohue has a law degree from the New York University School of Law and a bachelor’s degree in economics from Hofstra University.

Nallengara has a law degree from Osgoode Hall Law School in Toronto, and an undergraduate degree in political science from the University of Western Ontario.