The executive who championed many recent reforms for the asset management industry at the U.S. Securities and Exchange Commission is moving on.

The SEC announced today that Paul Roye, director of its Division of Investment Management, intends to leave the commission in the coming weeks to pursue opportunities in the private sector. Roye has recently pushed for controversial SEC reforms such as greater oversight of the growing hedge fund industry, and tougher governance rules for mutual funds. Roye became the Director of the Division of Investment Management in 1998.

SEC chairman Bill Donaldson said that Roye told of him of his plans to leave the SEC nearly a year ago. “At that time, I asked him to stay in order to assist the commission with its mutual fund reform agenda. Paul, a consummate professional with a deep sense of commitment to serving America’s investors, agreed to stay and provided invaluable guidance and input as we developed a strengthened mutual fund regulatory regime. Paul has served as head of the Division of Investment Management at a critical time in the history of the investment management industry. He will leave a strong and lasting legacy.”

Prior to becoming director of the Division of Investment Management, Roye, was with the law firm Dechert LLP, which he joined in 1982 and where he became a partner in 1987. Before joining Dechert, Roye began his career in the Division of Investment Management where he worked from 1979 to 1982.