OSC investment funds head departs for an asset manager

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Long-time regulatory executive Rhonda Goldberg has joined the asset management industry she has spent the past 16 years overseeing.

Ms. Goldberg, a former director with the Ontario Securities Commission, will assume the role of vice-president of regulatory affairs for investment powerhouse IGM Financial Inc., parent company of Mackenzie Financial Corp. and Investors Group Inc., on Sept. 15.

In her new role, she will be responsible for working with regulators and other stakeholder groups, as well as supporting the development of new investment products.

Ms. Goldberg joined the OSC as senior legal counsel in 1999. Most recently, she was the director of investment funds and structured products, responsible for regulating much of Canada's asset management industry.

She played an integral role in the industry-wide review of mutual fund trailer fees initiated in 2012 by the Canadian Securities Administrators. The review is examining whether trailer fees pose a potential conflict of interest for financial advisers selling funds to clients. Canadian regulators are expected to make a decision on the banning of these commissions in early 2016.

Also during her tenure with the OSC, Ms. Goldberg was the acting director for the OSC's Office of Investor Policy, Education and Outreach. Working with the executive director, she led the integration of that office with the OSC's Investor Education Fund to expand the OSC's investor protection capabilities.

"We are delighted for Rhonda as she moves forward with this excellent opportunity," said Maureen Jensen, executive director and chief administrative officer for the OSC. "The OSC will of course continue our important work in the area of investment funds and structured products, including key policy initiatives already under way."

The commission expects a study of the impact of mutual fund fees and compensation structures on fund sales to be published near the end of September.