Sam Waldon Named Acting SEC Enforcement Head

Acting SEC Chair Mark Uyeda named the former acting deputy director as acting director of the division of enforcement.

Sam Waldon

Mark Uyeda, acting chair of the Securities and Exchange Commission, named Sam Waldon as the acting director of the SEC’s Division of Enforcement, which investigates securities law violations. The current acting director of enforcement, Sanjay Wadhwa, concludes his tenure on January 31, according to an announcement made earlier this month.

Uyeda was named acting chairman on January 21. Paul Atkins has been nominated by President Donald Trump to succeed Gary Gensler as chair but has yet to be confirmed.

In addition, Uyeda named the following acting senior SEC staff members:

  • Jeffery Finnell was named acting general counsel;
  • Robert Fisher was named acting director of the Division of Economic and Risk Analysis;
  • Kathleen Hutchinson was named acting director of the Office of International Affairs; and
  • Ryan Wolfe was named acting chief accountant. 

“These talented individuals are committed to protecting the investing public, building trust with American companies and market participants, and promoting capital formation,” Uyeda said in a statement. 

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

Waldon, whose appointment was announced Friday, has spent more than 14 years at the SEC, most recently as the division of enforcement’s chief counsel. Following the departure of former SEC Enforcement Director Gurbir S. Grewal last October, Waldon was named acting deputy to Wadhwa.

Related Stories:

Trump Nominates Former SEC Commissioner to Top Job

Trump’s SEC Nomination Draws Strong Reactions

Academics Form ‘Shadow SEC’ Group to Facilitate Policy Discussions on Federal Securities Laws

Tags: , , , , , , ,

Dutch Pension Fund Seeks Divestment from BlackRock

PME Pensioenfonds is considering the future of the 5 billion euros it has with the asset manager after it left the Net-Zero Asset Managers Initiative.  



A Dutch pension fund is considering cutting ties with BlackRock because of the manager’s departure from the Net-Zero Asset Managers Initiative.
 

PME Pensioenfonds, a pension fund for the metals and technology industry which has more than 620,000 participants, said it was reconsidering the future of its 5 billion euros invested with the manager, according to a memo seen by CIO.  

The pension fund is among the largest in the Netherlands, with more than 280 billion euros ($294.17 billion) in assets under management. The fund’s investments with BlackRock include money market funds and several index portfolios. PME reportedly controls the composition of, and proxy voting policy of, the investments. 

The pension fund has said it seeks partners that abide by net-zero plans, and stated concern in the memo with what it called BlackRock’s diminishing ambitions and efforts to support sustainable investing.  

“As a fiduciary, BlackRock is committed to helping all our clients achieve their investment objectives. This includes our many clients – in the Netherlands and around the world – who have net zero commitments for their organizations,” a spokesperson for BlackRock said. 

Want the latest institutional investment industry
news and insights? Sign up for CIO newsletters.

BlackRock departed the initiative, which has sought a transition to net-zero emission portfolios by 2050 and counted 325 signatories who collectively managed $57.5 trillion in assets, earlier this month. The initiative had seen numerous members leave over the past year, including Northern Trust this month.  

Similar initiatives, such as the Climate Action 100+, which BlackRock also left, and the Net Zero Banking Alliance have seen scores of departures; by the middle of January, all major U.S. banks had withdrawn from the later. 

BlackRock’s departure from NZAM was significant; the firm has $11.5 billion in assets under management. NZAM suspended its activities shortly after BlackRock’s departure.  

Despite a pullback from environmental, social, and governance and net-zero initiatives by U.S.-based investors, European ones appear to be continuing their commitments to these values. BlackRock, in the U.S., has been a target of political opponents of ESG and net-zero investing over the manager’s membership in initiatives like the NZAM.  

“Our participation in NZAM did not impact the way we managed client portfolios. Therefore, our departure does not change the way we develop products and solutions for clients or how we manage their portfolios. Reflecting our leadership in this space, our clients have entrusted us to manage more than $1 trillion in sustainable and transition investment strategies,” an email to BlackRock clients stated. 

Related Stories: 

BlackRock Exits Net Zero Asset Managers Initiative 

Net Zero Asset Managers Initiative Pauses Activities Following BlackRock Exit 

Indiana Fund Narrows Finalists to Replace BlackRock 

Tags: , ,

«