The SEC has grabbed a Legg Mason executive to lead the Commission's National Investment Adviser/Investment Company Examination Program.  When Andrew Bowden starts on November 1, he'll join the SEC’s Office of Compliance Inspections and Examinations (OCIE).

[C-I Note: If and when FINRA (presumably) is handed responsibility for overseeing investment advisers, would that mean that Mr. Bowden and his at least part of his staff joins the FINRA?  However, because Mr. Bowden will be responsible for advisers as well as investment companies, or mutual funds, that might raise some doubts about him moving over to the SRO.  That because RIC's are heavily regulated, just as broker-dealers are, and there's little chance that FINRA will be asked to oversee mutual funds regulation.  Nevertheless, it's an interesting consideration.]

Mr. Bowden, who has held senior executive positions in Legg Mason's legal/compliance and business units, succeeds Gene Gohlke, who retired from the agency earlier this year after 35 years of public service.  In the interim, OCIE Deputy Director Norm Champ has served as the Acting Associate Director.  Mr. Bowden will oversee a staff of approximately 450 lawyers, accountants, and examiners responsible for the inspections of U.S.-registered investment advisers and investment companies (mutual funds).

“Drew brings extensive experience in the operation and oversight of investment advisers and investment companies and will help us implement our risk-based approach to examination of investment advisers and companies.   Drew also has expertise in leading corporate governance initiatives, which will serve us well as we continue our dialogue with senior management and boards on critical business, risk, and regulatory matters.” -- OCIE Director Carlo di Florio.

Bowden's CV. Early in his career, Mr. Bowden worked at Legg Mason, Inc., and later for Legg Mason Capital Management in various roles - including General Counsel, COO and ultimately Exec. Director for Sales, Client Service and Marketing.  He also has served on the Board of Governors and Executive Committee of the IAA (Investment Advisers Association).  He holds a BA in Honors English from Loyola and a law degree from The U. of Penn.   [SEC PR 11-217, 10/21/11]