Bruce Karpati is stepping down as chief of the SEC enforcement division's asset management unit, the agency announced Thursday.
Julie Riewe, deputy chief in the unit's Washington office and Marshall Sprung, deputy chief in the Los Angeles regional office, will serve as interim chiefs until a successor is named.
Mr. Karpati, who leaves the Securities and Exchange Commission on Friday, joined the agency as an enforcement attorney in 2000 and helped create the asset management unit in 2010. In 2012, he and his staff received the SEC Chairman's Award for Excellence for developing the Aberrational Performance Inquiry, which monitors performance data of hedge fund managers to detect investment fraud.
Other initiatives under his leadership include investment manager practices related to fund fees, revenue sharing and compliance programs, and the Hedge Fund Working Group, a cross-office initiative to combat securities fraud.
Mr. Karpati is joining Prudential Investments as chief compliance officer for its registered investment advisory company and mutual fund boards.
