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SEC names acting replacement for private equity top cop

The SEC has named Marc Wyatt as acting director of the Office of Compliance Inspections and Examinations, replacing outgoing Andrew Bowden.

In the role, Wyatt will oversee the agency’s examinations of private equity and hedge funds.

Wyatt has worked as deputy director of the Office of Compliance Inspections and Examinations since Oct. 2014, where he led the technology controls program. Wyatt joined the SEC in 2012 as an examiner of hedge and private equity funds.

Wyatt helped create the Private Fund Examination Unit, which specializes in examinations of private funds.

Prior to his government work, Wyatt was a partner and senior portfolio manager at multi-strategy hedge fund Stark Investments from 2004 to 2010. Before that, he worked as a director at Merrill Lynch in media and telecommunications. He was also a vice president at Alex. Brown & Sons.

The SEC announced earlier Bowden would leave the agency at the end of April and return to the private sector. Bowden made a speech last May that said SEC examiners had found “violations of law or material weaknesses in controls” related to fees and expenses in more than half the private equity firms the SEC had examined.

Recently, Fenway Partners told LPs it had received a warning from the SEC the agency was considering enforcement action against the firm for various issues, including payments made by portfolio companies to consulting affiliates of the firm.