According to SEC, Grim leaves a legacy of regulatory policy reforms and legal guidance that shaped the division to what it is today.
Grim also helped the regulator to adopt a modernised, comprehensive data-reporting regime to improve access and quality of information for themselves, as well as their clients.
Grim, who joined SEC in 1995, began as a staff attorney in the division’s office of investment company regulation. In 2007, he became assistant chief counsel and went on to be appointed as deputy director in 2013. Two years later he was appointed director.
The SEC did not disclose Grim's next destination or if his replacement has been found.
Jay Clayton, chairman of the SEC, said: “America’s investors have been well-served by David Grim’s dedication, commitment and expertise.”
Grim commented: “I have been a proud member of the staff of the division of investment management for 22 years, and it has been a privilege to serve the investing public as the division’s director.”