The Securities and Exchange Commission has put a new cop on the investment management beat who is wise to the ways of the Street. Norm Champ, a regulator with deep hedge fund experience, has been appointed director of the SEC's Division of Investment Management, succeeding retiring division head Eileen Rominger.

Champ, who starts his new job in the coming week, will be responsible for oversight of investment companies including mutual funds and investment advisors.

In a statement, SEC Chairman Mary Schapiro said, "Norm has proven himself to be a natural leader and an expert at managing programs that bolster our financial markets and protect investors."

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