The Securities and Exchange Commission has announced that the head of enforcement for its asset management unit will be leaving the agency. Bruce Karpati is leaving the agency to work in the private sector after serving more than a dozen years in federal service. Karpati joined the Asset Management Unit when it was first launched in 2010. As head of enforcement for the unit, he oversaw a staff of 75 attorneys, industry experts, and other staff who conducted investigations into investment advisers, private fund advisers, and investment companies. During his time at the SEC, Karpati oversaw investigations of investment advisers for various forms of misconduct. The probes covered areas such as valuation, performance, conflicts of interest, insider trading, manipulation, derivatives, fund governance, the 15(c) process, disclosure, and compliance and controls. Karpati also spearheaded "risk-based initiatives" that were designed to uncover misconduct at investment advisers. These
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