The Securities and Exchange Commission recently announced that David Grim has been named as Director of the Division of Investment Management. Mr. Grim has served as the division’s acting director since February, taking over the reins from former director Norm Champ following his January departure to become a legal scholar at Harvard Law School.
“David is a committed public servant with a nearly 20-year tenure in the Division of Investment Management,” said SEC Chair Mary Jo White. “I am confident that the Commission and the public will continue to benefit from his leadership and deep knowledge of the work of the division on behalf of investors.”
Mr. Grim joined the SEC in September 1995 as a Staff Attorney in the division’s Office of Investment Company Regulation. In January 1998, he moved to the division's Office of Chief Counsel and was named Assistant Chief Counsel in September 2007. Mr. Grim was appointed as Deputy Director of the division in January 2013, with responsibility for overseeing all aspects of its disclosure review, rulemaking, guidance, and risk monitoring functions.
Mr. Grim will have oversight for many significant projects in the division’s future, such as the SEC’s plans to propose a uniform fiduciary standard for investment advisers and broker-dealers across all products, as well as a series of more current initiatives including modernizing the data that fund companies report to the commission to cover their use of derivatives, the liquidity and valuation of their holdings and their securities lending practices.
“It is an honor to serve America’s investors as the Director of the Division of Investment Management,” said Mr. Grim. “I look forward to working with Chair White, the Commissioners, and the staff in my new role as we carry out the Commission’s remarkable mission.”
Mr. Grim graduated cum laude with a degree in political science from Duke University and received his law degree from George Washington University, where he was Managing Editor of the George Washington Journal of International Law and Economics.
Historically, our experience has been that Mr. Grim has advocated within the Division in favor of the staff granting no-action relief and industry guidance. We believe that the industry has cause for hope that he will set this tone from the top.