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‘Grim’ Day for the SEC Investment Management Division

August 3, 2017

The SEC announced that David Grim, Director of the Investment Management Division, will be leaving in September after more than 20 years of public service. Grim joined the Division straight out of George Washington law school and rose to become its leader. The Investment Management Division oversees the $70 trillion dollar asset management industry, which includes mutual funds; ETFs; closed-end funds; variable insurance products; business development companies and investment advisers. 


Mr. Grim joined the SEC in 1995 as a Staff Attorney in the Division’s Office of Investment Company Regulation. In 1998, he moved to the Division's Office of Chief Counsel, where he served in a number of positions, including being named Assistant Chief Counsel in 2007. Mr. Grim was appointed as Deputy Director of the Division in 2013, then Director in 2015.


As Director, Mr. Grim led the Division’s policy-development; legal-interpretation; data-analysis and disclosure-review functions. Among the key initiatives advanced under Mr. Grim’s leadership as Director:


  • SEC adoption of a modernized, comprehensive data-reporting regime for investment companies to improve the access and quality of information available to the Commission and the public about fund investments;
  • SEC adoption of rules to enhance liquidity risk management by mutual funds so that funds stand ready to meet investor redemptions while also minimizing the impact of those redemptions on remaining shareholders;
  • Issuance of guidance providing important and timely transparency of staff views on issues including cybersecurity and robo-advisers;