The U.S. Securities and Exchange Commission (SEC) has announced the appointment of Brian T. Daly as the new Director of the Division of Investment Management, effective July 8, 2025. Daly, a highly regarded figure in the investment management industry, brings decades of experience advising fund managers and sponsors on regulatory compliance and legal matters.

Daly’s appointment marks a significant moment for the SEC, as he steps into a leadership role at a time of heightened regulatory scrutiny and evolving market dynamics, including issues related to cryptocurrencies, cybersecurity, and evolving investment structures.

Long History in Private Practice

For the past four years, Daly has served as a partner in the investment management practice at Akin Gump Strauss Hauer & Feld LLP in New York. In this role, he has provided legal counsel to investment advisers and other clients on a broad range of issues, including compliance programs, fund and management company formation, operational challenges, and transactional matters.  

Before joining Akin, Daly spent nearly a decade as a partner at Schulte Roth & Zabel LLP, where he worked with hedge funds, private equity firms, and other investment management clients. He also played a key role in the founding of Kepos Capital, a boutique quantitative investment management firm managing approximately $2 billion in assets, where he served as the Chief Legal and Compliance Officer. Daly’s background includes leadership positions in general counsel and compliance roles at Millennium Partners, a Carlyle Group liquid markets fund manager, and Raptor Capital Management.

Transition and Expectations for the SEC

Daly’s appointment follows the departure of Natasha Vij Greiner, who announced she would step down as Director of the Division of Investment Management on July 4, 2025. Daly will now assume responsibility for overseeing regulatory initiatives affecting the investment management industry.

Daly’s focus at the SEC will likely include addressing emerging regulatory challenges in areas such as digital assets, cybersecurity, and overall investment management. His experience with these issues, particularly his work advising clients on cryptocurrency-related matters, should serve him well in his new role.

The timing of Daly’s appointment aligns with ongoing shifts in the SEC’s regulatory approach, as evidenced by the agency’s recent withdrawal of pending rules, including those related to artificial intelligence (AI) and environmental, social, and governance (ESG) disclosures. As the SEC looks to refine its regulatory framework for investment management, those in the industry are hopeful that Daly can shape policies that balance oversight with industry flexibility.  

The investment management community will be closely watching his work, particularly regarding potential rule changes and the SEC’s handling of regulatory compliance in fast-developing areas like digital assets and cybersecurity.  Stay tuned as the SEC’s regulatory landscape evolves with Daly at the helm of one of its most influential divisions.