The Securities and Exchange Commission named Jennifer McHugh acting director of its investment management division to replace the retiring Andrew “Buddy” Donohue. McHugh is a senior advisor to SEC Chairman Mary Schapiro on issues related to mutual funds and investment advisers. She will hold the additional post until a permanent director is appointed. Donohue announced his retirement as the SEC’s lead regulator of the mutual fund industry in August. He led the agency’s revamping of investment-adviser controls and curtailing adviser pay-to-play abuses. McHugh has been with the SEC for more than a decade and initially focused on mutual fund rulemaking before becoming special advisor to the director in the division of investment management. “Jennifer is extremely well-versed in the operations of the Division and has extensive knowledge of the mutual fund industry,” Schapiro said. “I rely upon Jennifer for her wise counsel and practical insight.” Write to Jason Philyaw.