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.

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.

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.

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.

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.

 

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.