“The fund world has become much more sophisticated and complex over the last decade,” said Steve Crimmins, a former SEC trial lawyer now at K&L Gates LLP, which represents asset managers. “The SEC hasn’t had the resources or the full expertise needed to keep pace.”
The hedge fund SEC task force is looking for managers and people with “direct exposure to trading and operations” at hedge funds, Bloomberg said. The ad for 5 new recruits was posted by the SEC last month.
The SEC currently has five specialty units targeting financial misconduct ranging from insider trading to corporate bribery, the paper said.
The number of registered investment advisers jumped 50 percent to more than 11,000 from 2002 to 2009, excluding many offshore hedge funds and un-declared funds, according to officials.
The application period is set to close April 19.