The SFC’s announcement, which came late Monday afternoon Hong Kong time, confirms reports at the end of last week that Alder, the Asia head of the Herbert Smith law firm, had been chosen for the high-profile CEO role.
The SFT said Alder’s three-year term would begin on 1 Oct.
As reported, Wheatley left the SFC a few weeks ago to take up a post with the UK’s Financial Services Authority.
For Alder, the job means a return to the SFC, where, from 2001 to 2004, he served as executive director of the regulator’s Corporate Finance Division.
In a statement, the SFC noted that Alder’s current role at Herbert Smith involves work “in areas of capital markets, mergers and acquisitions, regulation and compliance”.
Added SFC chairman Eddy Fong: “Given Mr Alder’s extensive knowledge and experience in the Hong Kong financial market and at the SFC, he will be in the best position to ensure that the SFC continues to fulfil its statutory objectives to safeguard investors, enhance market transparency and help develop Hong Kong as an international financial centre.
“We look forward to Mr Alder’s leadership in the next few years.”
Alder received a Bachelor of Laws degree from London University in 1982, and a Master of Laws degree from Cambridge University a year later. He joined Herbert Smith in 1984 and became a partner in 1994.
He rejoined the firm after his three-year stint at the SFC.
In a story on its website on Saturday, the Hong Kong-based South China Morning Post quoted a Hong Kong legislator for the financial services sector, Chim Pui-chung, as saying that he would like to see Alder adopt a fair approach with both large and small investors in his new role at the SFC.
"What Mr Alder needs to address is investor protection issues, such as HSBC’s retail version of a dark pool, which may hurt retail investors’ interests," he told the paper.
"He should add regulation to these new market innovations."
