Private Equity Lawyer Tapped for SEC Chief

Jay Clayton, a finance lawyer whose clients include Goldman Sachs, Och-Ziff Capital Management, and Oaktree Capital, is likely to become the next head of the US Securities and Exchange Commission (SEC).

President-elect Donald Trump announced Wednesday that he intends to nominate Clayton for the chairman position. Mary Jo White, who has served as SEC chair since April 2013, announced in November that she would step down at the end of the Obama administration.

Andrew Ceresney, director of the SEC’s enforcement division, announced his exit a month later.

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” Trump said in a statement. “We need to undo many regulations which have stifled investment in American business, and restore oversight of the financial industry in a way that does not harm American workers.”

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Clayton is currently a partner at Sullivan & Cromwell, where he practices law regarding mergers and acquisitions, private equity deals, leveraged finance, and regulation.

“If confirmed, we are going to work together with key stakeholders in the financial system to make sure we provide investors and our companies with the confidence to invest together in America,” Clayton said in a statement. “We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs.”

Under White and Ceresney, the SEC had brought a record 2,850 enforcement actions totaling more than $13.4 billion in financial sanctions, including “first-of-their-kind” cases in asset management, the SEC said. These actions included an increased focus on private equity fees, including high-profile charges against Blackstone and KKR.

Norges Bank Investment Management (NBIM) has promoted Geir Øivind Nygård to CIO of asset strategies.

His appointment completes the trio of CIO roles at Norway’s sovereign wealth fund, including Petter Johnsen, CIO of equity strategies, and Ole Christian Bech-Moen, CIO of allocation strategies.

Previously global head of portfolio management for the 7.5 trillion NOK ($871. billion) oil fund, Nygård had served as interim asset strategies CIO since December 1.

“We are happy that Geir Øivind has accepted to take on the position,” said NBIM CEO Yngve Slyngstad in a statement. “He brings with him experience and deep knowledge of our asset strategies. He represents a good continuation of the successful effort within the area since the beginning.”

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Nygård first joined the fund in 2007 as a portfolio manager in equity asset strategies, and has since held a number of “leading positions” within the fund, according to a release.

“I am excited and proud to get this opportunity,” said Nygård. “I am confident that we have a solid fundament for continued success within our asset management strategy.”

He holds a master’s degree in technology, industrial economics, and technology management from the Norwegian University of Science and Technology.