Kurt Schacht, managing director of the CFA Institute's standards and financial market integrity division, was elected chair of the Securities and Exchange Commission's investor advisory committee.
Mr. Schacht, who was elected at the committee's April 10 meeting, succeeds Joseph Dear, chief investment officer of the $285.5 billion California Public Employees' Retirement System, Sacramento, who died in February.
The 21-member committee, established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the SEC on a range of issues.
“I am grateful for the opportunity to support the committee and continue the critical investor-focused work begun by previous chair Joseph Dear, whose efforts paved the way for an environment where investors' interests come first,” Mr. Schacht said in a CFA Institute news release.
Mr. Schacht and CFA Institute spokeswoman Sarah-Jane Purvis could not be reached by press time.