The U.S. Securities and Exchange Commission (SEC) announced that Julie M. Riewe, co-chief of the Enforcement Division’s Asset Management Unit, is planning to leave the agency next month.
As co-head of the unit for the past two-and-a-half years, Riewe has overseen a staff of nearly 80 attorneys, industry experts and other professionals responsible for conducting investigations into investment advisers, investment companies and private funds. Co-Chief Marshall Sprung will continue to lead the unit following Riewe’s departure.
Andrew J. Ceresney, director of the SEC’s Division of Enforcement, commented:
Julie is incredibly intelligent, tenacious, and skilled at developing cases. She has helped our asset management enforcement unit to grow in its expertise, spearheaded significant initiatives, and led the unit to having a tremendous impact on the behavior of asset managers and investment advisers.
Riewe said:
I have been privileged to work alongside incredibly dedicated and talented colleagues in the nationwide Asset Management Unit and throughout the Division of Enforcement and the SEC. The unit staff’s expertise and their close collaboration with other offices across the SEC have transformed the way the SEC protects investors from fraud and other unlawful industry practices.
According to the SEC, Riewe was instrumental in overseeing various high-impact, data-driven risk-analytic initiatives within the Asset Management Unit, including the Aberrational Performance Inquiry, which focused on suspicious returns by hedge funds, and the Cherry-Picking Initiative, which targets the unfair allocation of trades and investment opportunities.
A hallmark of her tenure as co-chief was close collaboration with the SEC’s National Exam Program and Division of Investment Management and with the enforcement and examination staff in the SEC’s regional offices. These collaborations resulted in impactful sweeps and enforcement actions.
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