The Securities and Exchange Commission's lead regulator of the mutual fund industry is leaving in November, after successfully revamping investment-adviser controls and curtailing adviser pay-to-play abuses. Andrew "Buddy" Donohue had been director of the division of investment management for four years. A SEC spokesman said there hasn't been any discussion about a successor and Donohue didn't outline his plans after November. The SEC said Donohue helped implement a new mutual fund summary prospectus and investment-adviser disclosure brochure, and proposed to replace some distribution fees with a reformed regulatory framework. He also recently proposed ways to improve fund advertisements and marketing. SEC Chairman Mary Schapiro said Donohue's "vast knowledge of mutual funds and the investment advisory landscape has been invaluable in advancing several vital regulatory initiatives." Write to Jason Philyaw.