Mutual/registered/exchange-traded funds in United States

Dechert LLP

Dechert LLP has a longstanding record in the mutual funds space, with funds, fund advisors and boards of directors, broker dealers, insurance companies and banks turning to the financial services team for comprehensive service. The team advises open- and closed-end funds, exchange-traded funds, interval funds and on insurance products, covering a plethora of issues, including but not limited to regulatory and compliance matters, related litigation, regulatory investigation and the formation and management of these funds. Experienced partner Christopher Harvey leads the team out of the Boston office, and is supported by John O’Hanlon, who covers corporate, regulatory, compliance and enforcement matters for funds clients, and Stephanie Capistron, who among other capabilities advises mutual fund sponsors on launching ETFs in the same location. In New York Allison Fumai has extensive experience with exchange traded funds, but frequently works with mutual funds and closed-end funds as well, while in San Francisco Mark Perlow advises fund sponsors and investors on the related ESG regulation. Douglas Dick and Megan Johnson are based in Washington DC, with the latter advising mutual funds and EFTs on staying compliant with the Investment Company Act of 1940. The team underwent some changes in 2023 with Michael McGrath joining the firm from K&L Gates in March and Kaitlin McGrath being promoted to partner in January, both located in Boston and part of the financial Services and investment management team.

Responsables de la pratique:

Christopher Harvey


Autres avocats clés:

John O’Hanlon; Stephanie Capistron; Allison Fumai; Mark Perlow; Douglas Dick; Megan Johnson


Les références

‘Dechert is our primary regulatory counsel for investment adviser and investment company issues, but also our “go to” firm for ancillary matters. They are able to provide advice on novel issues.’

‘Industry leaders in terms of regulatory developments. Global coverage. Practical problem solvers.’

‘Dechert delivers sophisticated legal advice, grounded in broad market knowledge, in an agile and intuitive way.’

Principaux clients

MainStay Funds


Morgan Stanley Funds


abrdn plc


Principaux dossiers


  • Advising MainStay Funds mutual and closed-end funds, as well as the funds’ board and its independent trustees.
  • Advised Morgan Stanley Funds on a frequent basis regarding a range of issues relating to the development and launch of new funds, compliance and regulatory matters, mergers, liquidations, and restructuring of funds.
  • Advised Abrdn plc regarding registered closed-end funds, mutual funds, and ETFs.

Stradley Ronon Stevens & Young, LLP

Stradley Ronon Stevens & Young, LLP is regarded as a ‘top-notch firm in the mutual funds space’, advising leading fund companies, where they handle open-end, closed-end and interval funds as well as innovative digital products. The team is jointly led by Bruce Leto and Matthew DiClemente out of the firm's Philadelphia office, with the former specializing in registered funds, and the latter covering open-end and closed-end funds as well as interval fund product development. In Washington DC, Alison Fuller further strengthens the firms offering in novel investment products often advising on board fiduciary duties and oversight techniques in this regard, while Eric Purple advises a plethora of funds on investment company and investment adviser regulation. Exchange traded funds comprise a further area of expertise for the firm, where the team benefits from the expertise of Washington DC-based Michael Mundt, who previous to joining the firm was involved in creating the SEC regulations on ETFs and to this end advises on ETF regulations. Chicago-based Alan Goldberg advises on the creation of registered investment companies and registering new investment advisors and has a strong background in SEC enforcement.

Responsables de la pratique:

Bruce Leto; Matthew DiClemente


Les références

‘The firm as a whole from partner to assistants are unusually knowledgeable, helpful, responsive and friendly. We have worked with them for many years and view them as a reliable partner and resource.’

‘Stradley Ronon Stevens & Young have first-rate experience and industry knowledge.’

‘Stradley offers great expertise in the registered fund and investment advisory space.  Multiple experienced partners with solid SEC backgrounds and deep bench of strong associates.  Not overly priced.  Good value.’

Principaux clients

Betterment


Independent Trustees of the BlackRock iShares


Dimensional Funds


Franklin Templeton


Natixis Funds


Invesco


Investment Company Institute


Grayscale Investments


Macquarie Asset Management


Northern Trust


Principaux dossiers


  • Acting as counsel to the independent directors of BlackRock’s iShares ETFs.
  • Advising Dimensional Funds on seeking approval to launch a new ETF share class for its U.S. mutual funds.
  • Advising Institute in connection with updates to and modernization of the 1940 Act, the main U.S. law that governs the investment funds industry.

Morgan, Lewis & Bockius LLP

Among the blue-chip clientele that Morgan, Lewis & Bockius LLP assists are investment management and financial services organizations, their managers as well as independent directors, wealth managers and institutional investors. The team is reputed for its depth of expertise in exchange-traded funds, and represents ’40 Act EFTs, exchange traded commodity pools and metal trusts. Beyond EFTs, the firm's full-spectrum registered funds practice also works with registered mutual funds, closed-end investment companies and variable insurance products. The large team is led across three locations: John McGuire leads from Washington DC and alongside his regulatory expertise in investments, is well versed in the establishing and representation of EFTs. Representing the leadership team in Boston is Roger Joseph, who is engaged by funds and managers on developments to the federal regulations, while in Philadelphia Timothy W. Levin is well placed to advise on mutual funds, hedge funds, business development companies and bank collective funds. Washington DC based Thomas Harman is a well-respected name in the field and has extensive experience across various funds, with specialist knowledge in the ’40 Act exemption for corporate issuers, while Laura Flores focuses on providing investment companies and advisors on staying compliant with regulations, in the same location. In May 2023 Lance Dial left the firm.

Responsables de la pratique:

John McGuire; Timothy W. Levin; Roger Joseph


Les références

‘Our team is comprised of two very seasoned ‘40 Act attorneys with decades of experience representing mutual fund boards and advisors. They have strong backup/supplemental resources internally to handle administrative matters. The lead attorney has been exceptionally strong in managing relationship matters with the advisor and in handling sensitive personal and governance matters.’

‘Roger Joseph is the lead partner representing our board. He has vast experience in the mutual fund industry and brings deep knowledge of all technical matters. He also has excellent judgment in managing relationship issues with the advisor and within the board. His counsel on governance matters has always been thoughtful and balanced. Lea Anne Copenhefer is a very capable attorney in the fund space who works well with Roger in providing seamless service to the board.’

‘The Morgan Lewis team is differentiated by their ability to provide actionable, commercial advice that is informed by an understanding of the markets and our clients’ business models, and by working efficiently through delegation down to appropriate more junior attorneys and not overstaffing things.’

Principaux clients

SEI/SEI Funds/Advisors’ Inner Circle Funds (I, II, and III)


WisdomTree ETFs


Penn Mutual/Penn Series Funds


Morgan Stanley Investment Management/Morgan Stanley Pathway Funds


Franklin Templeton Funds


Amundi Asset Management US, Inc.


State Street Bank and Trust/SSGA/SPDR Funds/Select Sector SPDR Trust


Transamerica Funds


Invesco


Precidian Investments


Brinker Destination Funds


BNY Mellon Investment Management


Syntax ETF Trust


Aquila Group of Funds


The 2023 ETF Series Trust


Manning & Napier, Exeter Trust


Principaux dossiers


  • Advised the 2023 ETF Series Trust, a new ETF series trust that is unaffiliated with any large financial institutions.
  • Counselling mutual fund clients and industry organizations on an array of new and proposed SEC rules.
  • Advising SEI Investments Company, which has over $180 billion in assets under management, in launching its first interval fund.

Ropes & Gray LLP

Ropes & Gray LLP has extensive experience acting as regular counsel to its diverse and growing client base of leading asset and investment management firms and their independent directors and trustees. Their clients rely on the firms strong registered funds practice that advises on all manner of fund launches, including but not limited to registered open-end and closed-end funds, interval and tender offer funds, exchange traded funds and registered funds investing in alternative asset classes. Practice heads Bryan Chegwidden and Michael Doherty are based in New York, with James Thomas in Boston rounding up the registered funds leadership team. Chegwidden has extensive experience advising asset managers and large mutual fund families on alternative investment products, while Doherty additionally covers transactional matters and product development for asset managers. Thomas frequently assists exchange traded funds, registered investment companies and other private investment vehicles, as does Thomas Hiller. John Loder retired in December of 2023.

Responsables de la pratique:

Bryan Chegwidden; Michael Doherty; James Thomas


Autres avocats clés:

Thomas Hiller


Principaux clients

Aristotle Capital Management LLC


Affiliated Managers Group


Blackstone Alternative Asset Management; and its registered investment companies


BondBloxx


Brighthouse Funds


Calamos Funds and their Independent Trustees


DoubleLine Funds and DoubleLine Capital


Forum Capital Advisors (Independent Trustees)


Fundrise Advisors, LLC


Impax Funds


Ironwood (Independent Directors)


Masterworks.io


MFS Funds and their Independent Trustees


Natixis and Loomis Sayles Fund Groups and Natixis Global Investment Managers, Loomis Sayles & Company, L.P., and Harris Associates, L.P.


Pacific Investment Management Company, LLC


Putnam Funds and their Independent Trustees


State Street Corporation and State Street Global Advisers


Thrivent ETF Trust and Thrivent Asset Management, LLC


TPG Capital


Voya Funds


Principaux dossiers


  • Representing Blackstone Alternative Asset Management and BAAM’s registered investment companies.
  • Representing the DoubleLine Funds and advise the funds’ sponsor DoubleLine Capital, a leading fixed-income manager.
  • Advising as fund counsel to PIMCO in relation to 22 closed-end funds, as well as four closed-end funds operating as interval funds and five open-end no-fee funds managed by PIMCO.

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP‘s ‘deep expertise’ across all types of funds is appreciated by their client base of global fund and asset management firms and their independent fund directors and trustees. The firm supports registered open-end mutual funds, exchange traded funds, closed-ended funds and business development companies. Margery Neale and Lior Ohayon jointly lead the department from New York, with the former also chairing the registered funds practice where she has extensive experience in the creation and operation of registered open-end mutual funds, ETFs, closed-end funds and BDC’s among others. Further key names in the department are New York based Elliot Gluck who contributes extensive knowledge in closed-end fund capital markets offerings to the team while in Washington DC Benjamin Haskin regularly acts for broker-dealers on various fund products. In New York Jay Spinola is a member of the 1940 Act Bar and has extensive experience with ETF products, regulations and related corporate matters. Anne Choe and Neesa Patel Sood are based in Washington DC, with the former focusing on securities regulation and ETFs, and the latter advising closed-end funds on secondary offerings, tender offers and other transactions. Barry Barbash retired in June 2023.

 

Responsables de la pratique:

Margery Neale; Lior Ohayon


Autres avocats clés:

Elliot Gluck; Benjamin Haskin; Anne Choe; Bissie Bonner; Jay Spinola; Neesa Patel Sood


Les références

‘Willkie Farr has impressed me as a broadly collaborative & diverse culture, supported by leading technology, where attorneys pitch in across clients to do the very best legal work. The partners we work with directly exemplify this culture, and I also value the specialist expertise they’ve tapped within the firm to keep us abreast of litigation, regulatory, tax, and enforcement developments/risks across the industry.

‘Partners Margery Neale & Neesa Sood work remarkably well as a team, coordinating and communicating effectively with each other, our board, and management to ensure continuity and coverage of our legal needs and questions. I’m confident we could not find better legal counsel, and sleep easier knowing they’re helping us serve our shareholders effectively.’

‘The Board leveraged Willkie Farr’s expertise across a broad array of transactions, including mergers, fund consolidations, and changes to sub-advisers and portfolio management teams.’

Principaux clients

Credit Suisse Asset Management and Credit Suisse Funds


Flaherty & Crumrine Closed-End Funds


Gabelli Closed-End Funds


T. Rowe Price Funds


Independent Trustees of the Delaware Funds by Macquarie


Kirkland & Ellis LLP

Leading asset managers and alternative sponsors entering the retail market recognize Kirkland & Ellis LLP‘s growing practice in the registered funds and BDC space, the latter being a particularly strong suit for the firm. Nicole Runyan leads the New York-based team, working with the team’s major clients including 26North, Apollo and Blue Owl. The team grew significantly in February of 2024, when Goodwin’s entire registered funds team joined the firm, namely Paul Delligatti, Christopher Palmer and Jason Monfort, all of whom substantially bolster the firms offering in the areas of open-end and closed-end funds, exchange traded funds, interval funds and BDCs as well as Andrew Zutz and Nicole Griffin, who handle regulatory, compliance and governance issues.

Responsables de la pratique:

Nicole Runyan


Autres avocats clés:

Paul Delligatti; Christoper Palmer; Jason Monfort; Andrew Zutz; Nicole Griffin; Pamela Chen


Les références

‘Breadth of talent and knowledge.’

‘K&E is in my view among the leading global law firms, to be trusted with the most important client matters. They provide the highest level of client service. They are knowledgeable and at the cusp of all leading trends. They do a great job of training their younger attorneys.’

‘Nicole Runyan – business-minded, practical.’

Principaux clients

26North Partners LP / 26North BDC, Inc.


Alger Family of Funds and ETFs / Fred Alger Management


Ares Management / Ares BDCs / Ares Private Markets Fund


ARK Investment Management


BBR Partners / BBR ALO Fund, LLC


Blue Owl Capital / Blue Owl BDCs


Cliffwater LLC


Crescent Capital / Crescent Capital BDCs


Eagle Point Credit Management


Engine No. 1


First Eagle Investment Management


Gladstone BDCs / The Gladstone Companies


Lord Abbett & Co.


Neuberger Berman Registered Private Equity Funds


Oaktree Capital Management / Oaktree BDCs


Principaux dossiers


  • Advised Vista Equity Partners in connection with a first-of-its kind, multi-manager direct access vehicle sponsored and managed by iCapital—iDirect Private Markets Fund.
  • Represented Engine No. 1 in the acquisition by The TCW Group of Engine No. 1’s Transform ETF business and infrastructure, which manages more than $600 million in U.S. equity ETFs focused on supply chain onshoring and energy transition.
  • Advised BBR and the Fund in ongoing operations of the Fund, including coming into compliance with new Rules 2a-5 and 18f-4 under the Investment Company Act.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP ‘s broad scope of work encompasses regulatory, compliance and governance advice for various fund types and increasingly for business development companies alongside closed-end funds, interval funds and tender offer funds. One preeminent practitioner in this space is practice head Rajib Chanda, who excels across fundraising and transactional mandates for well-known asset managers registered funds. Practicing alongside Chanda from the Washington DC office is David Blass, who specializes in registered fund products, including mutual funds, business development companies, ETFs and closed-end funds, and Ryan Brizek, who works with notable clients, such as JPMorgan and Prudential and Franklin Templeton on private markets strategies. In the New York office Benjamin Wells, who works across various fund types during their launch and the development of retail products, as does Nathan Somogie, who was made partner in January 2024. Christopher Healey left the firm in July 2024.

Responsables de la pratique:

Rajib Chanda


Principaux clients

Affiliated Managers Group


Angelo Gordon & Co


Apollo Credit Management LLC


Apollo Infrastructure Company (AIC)


AQR Capital Management


BC Partners


Benefit Street Partners


Blackstone Credit


Blackstone Private Equity Strategies Fund (BXPE)


Blackstone Real Estate Income Funds


Blue Owl Capital


BofA Merrill Lynch


Capital Research Group (American Funds)


The Carlyle Group


Cohen & Steers


Diameter Capital Partners


Ecofin Investments, LLC


EIG Global Energy Partners


Fidelity Investments (Board)


First Eagle Credit


First Eagle Investment Management


Golub Capital


HarbourVest Partners


Investment Company Institute


Institutional Shareholder Services Inc.


JPMorgan Asset Management


KKR Asset Management


KKR Infrastructure Conglomerate (K-Infra)


KKR Private Equity Conglomerate (KPEC)


KKR Real Estate


Legg Mason Closed-end Funds


Magnetar Capital


Morgan Stanley


New Mountain Capital


Oaktree Capital


OneIM


Onex Falcon Investment Advisors, LLC


Pacific Investment Management Company LLC (PIMCO)


PGIM Investments, LLC


SIFMA Asset Management Group


Sixth Street


Skybridge Capital


Starwood


Stone Ridge Funds Independent Trustees


Third Point LLC


Toronto Dominion Bank


Tortoise Capital Advisors, L.L.C.


Principaux dossiers


  • Advised JPMorgan’s Private Equity Group on the formation and continuous public offering of its first fund for individual investors.
  • Advised Portfolio Advisors in its merger with FS Investments, creating a $73 billion alternative investment firm.
  • Advised Blackstone in the launch of Blackstone Private Equity Strategies Fund (BXPE), a non-traded private equity fund that is broadly distributed in private placements to high-net-worth investors.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is well versed in various fund types ranging from exchange traded funds and business development companies to public cryptocurrency funds. The team is well regarded for its coverage of novel and innovative developments in the space, where they have advised on the temporary relief offered by the SEC for ’40 Act Funds in response to the Covid-19 pandemic, supported SEC investigations and enforcement actions, as well as showing particular strength on ETFs, including on seeding alternatives for ETFs and novel structures for these types of funds, to name a few. New York based Gregory Rowland leads the department and advises on transactional, compliance and regulatory matters for financial institutions, technology companies, asset and investment managers and their diverse funds. Experienced registered funds practitioner Christopher Healey joined the team in Washington DC from Simpson Thacher & Bartlett LLP in July 2024.

Responsables de la pratique:

Gregory Rowland


Autres avocats clés:

Christopher Healey


Eversheds Sutherland

The growing financial services team at Eversheds Sutherland provides major life insurers and asset managers with the structuring and operation of interval funds, exchange traded funds and mutual funds. An area of particular strength for the team is with business development companies, where the team often acts as fund counsel. A trio of practitioners lead the Washington DC-based team: Stephen Roth, who has particular strength in the area of 1940 Act registered separate account insurance products, Steven Boehm, who focuses his practice on BDCs and Cynthia Krus, who advises on the development on innovative investment vehicles and novel ways to raise capital. Owen Pinkerton covers regulatory and transactional matters for various fund types, including BDCs and interval funds. Eric Simanek counts various financial services companies and their funds to his client roster, while Sara Sabour Nasseri, who specializes in raising capital and market launches, made partner in January 2024.

Responsables de la pratique:

Stephen Roth; Steven Boehm; Cynthia Krus


Autres avocats clés:

Eric Simanek; Sara Sabour Nasseri


Principaux clients

A3 Financial Investments


AIG


Allianz Life Insurance Company of North America


Allstate Life Insurance Company


Altmore BDC


American General Life Insurance Company


Ares Capital Corporation


Athene Annuity & Life Co.


Axxes Private Markets Fund


BlackRock Private Credit Fund


Blue Owl Capital Corporation


Blue Owl Capital Corporation II


Blue Owl Capital Corporation III


Blue Owl Credit Income Corp.


Blue Owl Technology Finance Corp.


Blue Owl Technology Finance Corp. II


Blue Owl Technology Income Corp.


Brighthouse Life Insurance Company


Capital Southwest Corporation


Churchill Asset Management


CIM Real Assets & Credit Fund


Committee of Annuity Insurers


COtwo Advisors/COtwo Advisors Physical European Carbon Allowance Trust


Equitable Life Insurance Company


Exchange Traded Managers Group


Fidus Investment Corporation


Flat Rock Core Income Fund


Flat Rock Enhanced Income Fund


Flat Rock Opportunity Fund


Forethought Life Insurance Company


Goldman Sachs BDC


Goldman Sachs Middle Market Lending Corp.


Golub Capital BDC


Great Elm Capital


Guardian Insurance and Annuity Company


GuideStone Funds


Kelly Strategic Management/Strategic Trust


Lafayette Square Holding


M Fund


Main Street Capital


Massachusetts Mutual Life Insurance Company


Midland National Life Insurance Company


Monroe Capital Corporation


MSD Investment


Nationwide Life Insurance Company


New Mountain Finance Corporation


New Mountain Finance SLF I


New Mountain Guardian III BDC


New Mountain Guardian IV BDC


New York Life Insurance Company


NewtekOne


Nuveen Churchill Direct Lending Corp.


Nuveen Churchill SLF


Nuveen Churchill Private Capital Income Fund


OFS Capital Management


Priority Income Fund


Prospect Capital Corporation


Prospect Capital Management.


Prospect Floating Rate and Alternative Income Fund


Protective Life Insurance Company


Rand Capital Corporation


Resolution Life


Riversource Life Insurance Company


Runway Growth Capital


Runway Growth Finance


Saratoga Investment Corporation


Security Benefit Life Insurance Company


Silver Spike Capital


Stellus Capital Investment Corporation


Stellus Private Credit BDC


Sutter Rock Capital


Symetra Life Insurance Company


Transamerica Life Insurance Company


Trinity Capital


Universal Life Insurance Company


USCF ETF Trust


Varagon Capital


VOYA Insurance and Annuity Company


Zell Capital


Principaux dossiers


  • Represented the business development companies that comprise Blue Owl Capital’s credit platform on various matters, including, among others, on advising Blue Owl Credit Income on its on-going US$7.5 billion public offering.
  • Advising a coalition of 32 major US life insurance companies and their affiliated broker-dealers in their efforts to affect the direction and details of various relevant SEC, FINRA and US Department of Labor rule proposals and initiatives.

K&L Gates

K&L Gates are particularly active with US registered funds, namely exchange traded funds, open-end funds and closed-end funds, for a wide range of managers. The firm covers the full array of transactional and regulatory issues, as well as being mandated to advise on developments in regulatory requirements and the implementation of new requirements. The practice is led across two locations, with Mark Amorosi and Ndenisarya Meekins co-heading the team in Washington DC and Michael Caccese and Clair Pagnano leading in Boston. Amorosi frequently works with investment advisors and diverse fund complexes on a wide range of matters, including but not limited to fund formation, securities offerings and regulatory questions. Ndenisarya Bregasi frequently acts as counsel to independent directors and trustees, while Caccesse is well recognized for his expertise on investment performance and in the area of investment management, and Pagnano is well versed in exemptive applications as well as no-action letter requests to the SEC for registered investment companies. Mark Goshko is a preeminent practitioner in the mutual funds place and key name based in Boston. The practice grew in 2023 with Lance Dial, who has extensive experience working with asset managers, joining the Boston office from Morgan, Lewis & Bockius LLP, the private investment funds expert Christopher Lokken joining in Chicago from Sidley Austin LLP and financial services regulations lawyer Jennifer Klass joining the New York location from Baker McKenzie LLP.

Responsables de la pratique:

Mark Amorosi; Ndenisarya Meekins; Michael Caccese; Clair Pagnano


Autres avocats clés:

Lance Dial; Christopher Lokken; Jennifer Klass; Mark Goshko


Les références

‘Good depth of expertise in all aspects of investment management.’

‘George Zornada: Very practical and highly responsive; familiarity with non-standard fund structures; a trusted advisor to Boards.’

Principaux clients

NexPoint Advisors


Eaton Vance Investment Management


John Hancock Investment Management


Salient Partners


Cypress Creek


GCM Grosvenor


Fundsmith


Touchstone Advisors


Ariel Funds


Oakmark Funds and Independent Trustees


Independent Trustees of the TIAA-CREF Funds


Federated Hermes Inc.


Principal Global Investors


Victory Capital Management and the Victory Funds


Equitable Investment Management and the Equitable Funds


Principaux dossiers


  • Advising NexPoint Advisors on a wide variety of open-end fund, closed-end fund, ETF and business development company matters as fund counsel to the NexPoint fund complex.
  • Advising Eaton Vance Management and its affiliates on a number of matters including serving as fund counsel for open- and closed-end registered funds.
  • Acting as fund counsel to Touchstone Advisors, providing day-to-day funds counsel with regard to all of its funds.

Paul Hastings LLP

Paul Hastings LLP offers ‘top notch’ investment management practice and are well versed advising alternative investment asset classes, such as business development companies, interval funds, and tender offer funds. The firm provides a comprehensive service, covering fund structuring and strategies, advice regarding SEC and NASD regulation as well as transactional and organizational support. Michael Rosella sits in New York and leads the practice, with global investment managers, fund companies and broker dealers regularly turning to him for his ‘world class’ advice, with San Francisco based David Hearth being another key team member.

Responsables de la pratique:

Michael Rosella


Autres avocats clés:

David Hearth


Les références

‘The Paul Hastings 40 Act team led by Michael Rosella is a top-notch legal partner for Advisers in or looking to enter all aspects of 40 act vehicles – open end, closed end, interval, tender offer and ETFs. PH also has a close working relationship with the SEC enabling resolution of regulatory questions in an effective manner.’

‘Mike Rosella is world class. Truly one of the best in 40 act legal world.’

Principaux clients

Jefferies Finance


Insight Advisors


Gabelli


Brookfield Public Securities Group


TCW Group (TCW Funds and Metropolitan West Funds)


Morgan Stanley


Tocqueville Asset Management


Fiduciary Trust Company / Franklin Templeton


The RBB Fund, Inc.


Matthews Asia Funds


SunAmerica Asset Management


Kayne Anderson Capital


Brookfield Asset Management


Oaktree Capital


Intelligent Medicine Group


Brookfield Oaktree Wealth Solutions


Franklin Templeton Private Equity


Wingspan Capital


Seward & Kissel LLP

Asset management organizations, mutual fund complexes and their independent directors turn to Seward & Kissel LLP for advice on the formation and structuring and registration of mutual funds, exchange traded funds and business development companies, among other registered entities. The firm’s broad practice additionally covers regulatory advice pertaining to SEC rules and developments as well as reorganizations and fund acquisitions, with a particular strength of the team regarding bank mutual fund activities. Practice head Paul Miller is based on Washington DC and focuses his practice in this area and frequently advises registered investment companies and advisers on remaining compliant with SEC regulations and the Investment Company Act of 1940. Further important team members include Robert Kurucza who has expertise in federal banking and securities laws, which benefits clients who are structuring new fund products, Lauren Clise, who supports registered investment companies and ETFs with their registration and operation and Lancelot King advises investment companies and registered investment advisers during regulatory examinations, with all three being based in Washington DC.

Responsables de la pratique:

Paul Miller


Autres avocats clés:

Robert Kurucza; Lauren Clise; Lancelot King


Les références

‘We work with Seward & Kissel teams on both 1940 Act products and hedge funds. Their insights and guidance on the regulatory environment and trends are especially helpful.’

‘Paul Miller’s depth of knowledge, guidance, and responsiveness to our needs have been of great value to our team for over a decade.

 

Vedder Price

Vedder Price‘s broad advisory service covers compliance and regulatory matters, fund transactions as well as day-to-day operational advice for investment companies and diverse fund complexes, among which are registered investment companies, mutual funds, closed-end funds and exchange traded funds, with a particular strength of the department being their independent directors practice, which comprises the bulk of their client roster. A trio of partners lead the practice: Washington DC based Marguerite Bateman advises clients on various regulatory matters pertaining to the Investment Company Act of 1940, Investment Advisors Act of 1940 and on securities law, as well as John Marten and Joseph Mannon ,based in Chicago, the former advising on innovative ETFs, fund mergers and SEC examinations and the latter on ETFs and diverse registered fund product offerings. Previous practice heads Bruce A. Rosenblum and Cathy Gonzales O’Kelly further strengthen the teams in Washington DC and Chicago respectively. Among the recent team changes were the arrival of Todd Lurie to the New York office in June 2023 from MetLife as well as the departures of Thomas Conner and Robert Crea in March 2023.

Responsables de la pratique:

Marguerite Bateman; John Marten; Joseph Mannon


Autres avocats clés:

Bruce A. Rosenblum; Cathy Gonzales O’Kelly; Todd Lurie; Amy Ward Pershkow; Renee Hardt; Jeremy Senderowicz; Maureen Miller; Mark Quade


Les références

‘Maureen Miller, counsel to independent trustees, is tireless in her support of Board duties and activities. She is knowledgeable, focused, and well-prepared for board and committee meetings. Her industry experience is shared in resolving issues and exploring best practices. Maureen is always available to the trustees in carrying out their responsibilities. In sum, she is a true professional.’

‘Industry knowledge is outstanding. Very deep team of industry experts. Always available and very easy to work with.’

‘Cathy O’Kelly and Renee Hardt are outstanding.’

Principaux clients

ICI Mutual Insurance Company


DWS Funds


Empower Funds


DBX ETF Trust


Janus Henderson Funds


Driehaus Mutual Funds


Independent Trustees of Invesco ETFs


Independent Board Members of Principal Funds/ETFs/Interval Fund


Independent Trustees of SPDR ETFs


Independent Trustees of Franklin Templeton Funds and ETFs


Independent Directors of American Century Funds and ETFs


Independent Trustees of First Trust Funds


Principaux dossiers


  • Served as counsel to a divided Franklin Templeton closed-end fund board involving both legacy and activist board members and guided the board in transition matters following a shareholder meeting where the activist adviser was elected.
  • Advised the Independent Trustees of the First Trust Funds with respect to the conversion of a number of First Trust closed-end funds into exchange-traded funds and in connection with the proposed merger of four First Trust closed-end funds into closed-end funds advised by an unaffiliated investment adviser.
  • Advised client on the conversion of two mutual funds and related separately managed accounts to a single exchange-traded fund.

Proskauer Rose LLP

Proskauer Rose LLP is a trusted counselor to investment companies and their board directors, fund complexes and financial services firms, with expertise in registered funds and registered alterative fund products, including exchange traded funds, money market funds and business development companies. Furthermore, the ‘very knowledgeable and professional’ team advises on novel developments in the field, including recently on blockchain-enabled registered funds as well as evolving regulations in the field. Practice head Stuart Coleman sits in New York and offers a comprehensive advisory service to registered fund companies and board directors, including Apollo Independent Director Engagements and Central Park Group Funds. New York based David Stephens further strengthens the regulatory side of the practice, especially in SEC regulations and the Advisers Act. The grew in the last year with the addition of John Mahon in March 2023 from Schulte Roth & Zabel LLP in Washington DC.

Responsables de la pratique:

Stuart Coleman


Autres avocats clés:

David Stephens; William MacGregor; John Mahon


Les références

‘Very knowledgeable and professional. Always extremely well prepared and an excellent business sense’

‘Stuart Coleman and David Stephenson are the partners that we work with on our 40 Act companies. They have the total confidence our directors and have earned it over the many years they have represented us.’

Principaux clients

The BNY Mellon Family of Funds


The Lazard Family of Funds


Central Park Group Funds


UBS AM Funds


Legg Mason Partners Funds and Legg Mason Global Asset Management Trust


Apollo BDCs and Closed-End Funds


Baron Funds


Needham Funds


Harding Loevner Funds


Grosvenor Registered Multi-Strategy Funds


Morgan Stanley Pathway Funds


Sixth Street Partners


Investors Diversified Realty


New Mountain Capital


180 Degree Capital


Great Elm Capital Corp.


Sullivan & Worcester LLP

Sullivan & Worcester LLP has extensive experience advising independent directors and trustees of investment management firms, with the establishment and registering of new funds, including but not limited to exchange traded funds, variable retail and insurance open- and closed ended funds. The investment management team are also frequently engaged as fund counsel in relation to compliance and shareholder matters and board advice. David Leahy and David Mahaffey jointly lead the practice from the firm's Washington DC location, with the former advising clients on the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933 and the Securities Exchange Act of 1934, while the latter specializes on federal securities law, for a whole host of registered funds clients. Nicole Crum is another key name in Washington DC and works with boards and board committees on staying compliant with SEC regulations and through government and internal investigations, while John Chilton is well versed in registered fund transactions, and Domenick Pugliese counsels independent directors of mutual funds, ETFs and variable annuity trusts. Rachael Schwartz was promoted to partner in January 2023.

Responsables de la pratique:

David Leahy; David Mahaffey


Les références

‘Experience in 1940 Act registered funds. Experience in working with independent trustees. Experience in practicing before the SEC. Collaborative style and exceptional people including diversity.’

‘The attorneys we deal with are very knowledgeable and experienced. They listen carefully and provide solid and practical advice.’

‘David Mahaffey – David is very experienced in this area. He is responsive, timely and helps us seek practical solutions to issues.’

Principaux clients

Independent Trustees of the John Hancock Funds, including John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Funds III and John Hancock Closed-End Funds.


Manulife/John Hancock Funds: Hancock GA Mortgage Trust, John Hancock Senior Loan Trust, John Hancock Asset-Based Lending Fund, Manulife Private Credit Fund, Manulife Private Client Credit Plus Fund


Independent Trustees of the Pacific Select Fund and Pacific Funds Series Trust


Independent Directors of the Legg Mason Closed-End Funds


Independent Trustees of the Virtus Mutual Funds and Virtus Variable Insurance Trust


Corebridge VALIC Retirement Funds and their Independent Directors


Pear Tree Funds and their Independent Trustees


Independent Trustees of the Matthews Asia Funds


Advisors Series Trust and their Independent Trustees


Professional Managed Portfolios and their Independent Trustees


Ultimus Managers Trust and its Independent Trustees


Tidal ETF Trust II and its Independent Trustees


Thompson Hine LLP

Thompson Hine LLP handles the full range of registered funds products, among which are mutual funds, interval funds, business development companies and increasingly exchange traded funds, with their clients ranging from broker-dealers to fund service providers and independent directors and trustees. Clients turn to the investment management team for support in structuring funds as well as on transactional and regulatory mandates. Columbus-based JoAnn Strasser leads the team and is well equipped to handle novel product development in the space, mergers and reorganizations as well as SEC examinations and staying compliant. Other key members of the Investment Management department are ETF expert Bibb Strench in Washington DC and Cassandra Borchers in Cincinnati.

Responsables de la pratique:

JoAnn Strasser


Autres avocats clés:

Bibb Strench; Cassandra Borchers


Les références

In addition to the experience and knowledgeable advice the thing that has really stood out from competitors has been the responsiveness of the team. We tend to have a lot of “last minute” priorities that we need advice and attention to and the Thompson Hine team always comes through for us.

JoAnn Strasser has been the partner on our mutual fund trust since inception. She has always been proactive in identifying potential issues before they become issues. She is also very knowledgeable and usually has the answers to various questions off the top of her head She will also acknowledge if she’s not sure and get back promptly with well researched answers.

Principaux clients

Simplified Exchanged Traded Funds


Northern Lights Fund Trust, Variable, III & IV


Sprott Funds Trust


Advisers Investment Trust


ALPS Series Trust


The Mexico Fund, Inc.


Meeder Investments


Boston Trust Walden Funds


Bluerock Total Income + Real Estate Fund


Principaux dossiers


  • Assisted the HCM Funds in achieving a new distribution target by listing two of the HCM ETFs on the Mexican stock exchange Bolsa Mexican de Valores (“BMV”).
  • Registered eleven additional ETFs for Simplify Exchange Traded Funds, with each of the funds involving a derivatives strategy of varying degrees of complexity, or unique “niche” strategies.
  • Advised Institutional Investments Strategies Fund. This new interval fund is sponsored by an investment adviser to private wealth with an expertise in private investments.