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Prudential names Bruce Karpati chief compliance officer for its mutual fund business

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Bruce Karpati has been named chief compliance officer for Prudential Investments, the mutual fund manufacturing and distribution business of Prudential Financial.

 
In addition to leading compliance for Prudential’s registered investment advisory company, he also serves as the chief compliance officer for its mutual funds boards.
 
Karpati (pictured) spent more than a decade at the Securities and Exchange Commission, most recently as national chief enforcement officer for its asset management unit, leading enforcement efforts involving investment advisers, investment companies, mutual funds and private funds. His appointment at Prudential is effective 13 May 2013.
 
“We are proud to have Bruce join Prudential as we earn the trust of our investors every day,” says Lee Augsburger, Prudential Financial’s chief ethics and compliance officer. “His unparalleled, intimate knowledge of issues that affect mutual fund companies and investors – from valuation, disclosure, mutual fund board governance and other controls – will be invaluable to our business as we seek to offer investment options that provide the best potential for investors to meet their financial goals.”
 
While serving at the SEC during chairman Mary Schapiro’s tenure, Karpati oversaw approximately 60 cases covering every aspect of the asset management industry. He also led nationwide risk initiatives in several areas, and led efforts related to policy making and understanding emerging risks.
 
Before serving as national chief enforcement officer at the SEC, Karpati was also an assistant regional director, a former branch chief and an attorney. Earlier, he was an associate at the Washington DC law firm of Dechert, where he counselled clients on investment company issues.

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