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Report: SEC to pick alumna as top investment management regulator

The U.S. Securities and Exchange Commission could tap Dalia Blass to lead its investment management division, succeeding David Grim, who has not yet announced plans to resign from the position, The Wall Street Journal reported, citing "people familiar with the matter."

Blass, an attorney at Ropes & Gray LLP, had worked at the SEC for 11 years. Among other tasks, she handled applications for new exchange-traded funds during her tenure at the agency, according to the report, citing research provider XTF.

If Blass becomes director of SEC's investment management division, she would have to recuse herself from decisions concerning her clients at Ropes & Gray.

She also cannot take part in matters involving Simpson Thacher & Bartlett LLP's clients, including Blackstone Group LP, Legg Mason Inc. and KKR & Co. LP. Her husband, David Blass, is leaving mutual fund lobbying and research group Investment Company Institute to join the law firm as a partner, the Journal reported.