The mutual fund dealer industry’s contingency fund, the MFDA Investor Protection Corp. (MFDA IPC), has named regulatory veteran Dorothy Sanford as its new president.
She succeeds Joni Alexander, who is retiring, as president of the MFDA IPC.
Sanford has nearly 30 years of experience in financial regulation and consulting, including stints at the Ontario Securities Commission (OSC), as a partner with PricewaterhouseCoopers, as a director at Deloitte & Touche, and running her own regulatory consulting firm.
“Dorothy’s extensive securities regulatory and consulting experience will ensure the MFDA IPC continues its leading role as the contingency fund for the mutual fund industry,” said David Richards MFDA IPC chairman in a release.
The fund, which was first established in 2002 and began providing coverage in 2005, is currently targeting an increase in its size to $50 million by 2018. According to its most recent annual report, the fund stood at $35.3 million, as of June 30, 2013; but is also dealing with a dealer insolvency that may impact that total.