Hedge Funds

SEC's Fornelli leaves for BofA compliance role


A well respected voice in the ongoing debate on regulation of the U.S. hedge fund industry, the Security and Exchange Commission's Cynthia Fornelli, is leaving her government post to join the private sector. The deputy director of the SEC's Division of Investment Management in August announced plans that she would be heading over to Bank of America in North Carolina, stepping into a newly created role of compliance executive for securities regulation and conflicts management. The SEC chairman, William Donaldson, credited Fornelli by saying "Cindy has played a critical role in the Commission's mutual fund reform efforts."