The co-chief of the Securities and Exchange's asset management division has left the agency to join Prudential Investments.
The Wall Street Journal reported that in addition to leading compliance for Prudential's registered investment advisory company, Bruce Karparti was also named the chief compliance officer for its mutual funds boards. His new position is effective May 13.
During his ten-year tenure at the SEC, Karpati oversaw approximately 60 cases covering the asset management industry. He also held various posts before serving as national chief enforcement officer at the agency, including assistant regional director, a former branch chief and an attorney.
With approximately $1.06 trillion in assets under management as of March 31, 2013, Prudential has operations in the U.S., Asia, Europe, and Latin America.