SEC Seeks To Hire Hedgies For New York Office

Mar 4 2010 | 1:37pm ET

Hedge funds based in New York and New Jersey, watch out: The Securities and Exchange Commission is adding both enforcement and inspections personnel to its Big Apple office.

The SEC has “obtained the funds to do more hiring,” George Canellos, who heads the New York office, told the Reuters Private Equity and Hedge Funds Summit. All told, the office will grow by about 8% this year, with 18 enforcement hires and 15 new examiners.

Currently, the SEC has 150 people working on enforcement in New York, and 210 on its examinations staff.

Canellos said the economic crisis is working to the SEC’s advantage, allowing it to hire professionals with hedge fund experience that might not be available in flusher times.

That will allow the SEC to work more closely with the hedge funds and private equity firms that it is increasingly focusing on, the co-head of the SEC’s new asset management enforcement unit.

“We want to be able to talk shop with the hedge fund managers and private equity fund managers and make sure that the industry is able to get the message from a unit in a very direct way,” Bruce Karpati said at the same New York confab.


In Depth

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...