Investment Management SECURITIES

Combining a track record of financial regulatory agency service and extensive investment adviser experience, our lawyers provide unparalleled representation to the investment management industry.


Registered investment companies and their directors, private funds, investment advisers and broker-dealers turn to us for advice on their most challenging and complex regulatory, litigation, enforcement and transactional issues. Clients rely on us for the seasoned insight of a team that includes lawyers who have served in senior positions in the Securities and Exchange Commission's (SEC) Division of Investment Management and the Commodity Futures Trading Commission (CFTC), and as in-house counsel to investment advisers managing registered funds. Our lawyers have substantial experience in all facets of the investment management business, its regulation, and the defense of investment advisers and funds in litigation and regulatory proceedings. We also counsel venture capitalists, hedge funds, offshore funds and their directors, and other unregistered investment companies and their advisers on fund formation, operation and compliance.

Anderson, James E.

James E. Anderson

Chair, Investment Management Practice Group

+1 202 663 6180 (t)

james.anderson@wilmerhale.com

Anderson, James E.

James E. Anderson

Partner

+1 202 663 6180 (t)

james.anderson@wilmerhale.com

Architzel, Paul M.

Paul M. Architzel

Partner

+1 202 663 6240 (t)

paul.architzel@wilmerhale.com

Boot, Jeannette K.

Jeannette K. Boot

Partner

+1 212 295 6507 (t)

jeannette.boot@wilmerhale.com

Chapman, Drew G.L.

Drew G.L. Chapman

Partner

+1 212 295 6320 (t)

drew.chapman@wilmerhale.com

Martin, Lori A.

Lori A. Martin

Partner

+1 212 295 6412 (t)

lori.martin@wilmerhale.com

Pierce, Leonard A.

Leonard A. Pierce

Partner

+1 617 526 6440 (t)

leonard.pierce@wilmerhale.com

Silva, Timothy F.

Timothy F. Silva

Partner

+1 617 526 6502 (t)

timothy.silva@wilmerhale.com

Wu, Dino

Dino Wu

Partner

+1 212 295 6436 (t)

dino.wu@wilmerhale.com

Fekrat, Bruce B.

Bruce B. Fekrat

Special Counsel

+1 202 663 6641 (t)

bruce.fekrat@wilmerhale.com

Experience

Our Investment Management Group has extensive experience representing clients on investment company, investment adviser, hedge fund and broker-dealer regulatory issues, as well as related issues affecting banks and pension funds, and other matters involving investment and financial products. In recent matters, we have:

  • Represented investment advisers, broker-dealers, independent trustees and special committees with respect to directed brokerage, securities lending, expert networks and insider trading, and front-running and risk assessments relating to subprime exposure, as well as related inquiries by the SEC, CFTC, self-regulatory organizations and state attorneys general
  • Obtained exemptive relief from the disqualification provisions of the Investment Company Act on behalf of large financial services firms
  • Developed an investment pool structure to facilitate international offering and asset management of investment funds
  • Created a structure for employee ownership of a private investment fund that does not require registration under the Investment Company Act
  • Served as transactional counsel and/or regulatory counsel to financial services companies in acquisitions of investment management firms with purchase prices ranging from tens of millions to billions of dollars
  • Resolved a FINRA proceeding involving retention and supervision of electronic communications

Background

Several members of our group—which practices in the firm’s Boston, New York and Washington DC offices—have held important positions in the Securities and Exchange Commission’s (SEC) Division of Investment Management and the Commodity Futures Trading Commission (CFTC). Our broader Securities Department, of which the Investment Management Group is a core part, includes a former director and a number of former assistant and associate directors of the SEC's Division of Enforcement and a number of former members of the SEC’s Office of General Counsel, including a former General Counsel and a Deputy General Counsel. Members of the Investment Management Group also have held senior positions with registered investment advisers.

Publications & News

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March 6, 2013

WilmerHale’s Petal Walker Joins Jumpstart DC Local Advisory Board

WilmerHale Senior Associate Petal Walker has been appointed to the Local Advisory Board for Jumpstart in Washington DC. Jumpstart is a national early education organization that provides quality early education to preschool-aged children from low-income communities.

December 7, 2012

Reminder: Compliance Deadline Approaching for ISDA August 2012 Dodd-Frank Protocol

As a reminder, swap market participants, including managers of hedge funds and other pooled investment vehicles as well as corporate end-users, may need to adhere to the ISDA August 2012 Dodd-Frank Protocol (the “Protocol”) in the next few weeks if they have not done so already.

November 5, 2012

CFTC Staff Provides Broad Relief for Market Participants as Swap Effective Date Arrives

The final joint swap definition rules and interpretations issued by the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission became effective on October 12, 2012, triggering a series of requirements related, among other things, to swap dealer registration, determination of who is a major swap participant, swap data reporting and recordkeeping, status of eligible contract participants, and registration as a commodity pool operator, commodity trading advisor, introducing broker, floor broker, or floor trader.

October 18, 2012

CFTC Heightened Enforcement Activity

On October 5, 2012, the Commodity Futures Trading Commission (Commission or CFTC) announced fiscal year 2012 enforcement statistics and case highlights, and identified for practitioners and market participants the Division of Enforcement’s (Division) likely 2013 priorities.1 In addition to fraud-based actions, the announcement brought attention to cases involving allegations of manipulation, false reporting, wash trades, exceeding position limits, and deficient customer fund safeguards and supervision obligations.

October 1, 2012

Keeping Current with Form 8-K: A Practical Guide 2012

We have prepared this Guide to assist public companies in understanding and complying with the Form 8-K reporting requirements. This Guide describes Form 8-K primarily from the perspective of a U.S. operating company that has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”) and that is not a shell company, a smaller reporting company, a foreign private issuer, an asset-backed issuer or an investment company.

September 14, 2012

September 5, 2012

August 14, 2012

Regulators Issue Final Rules and Interpretations Further Defining Swap-Related Terms

After much anticipation, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (together, the Commissions) on July 10 adopted joint final rules and interpretations further defining the terms “swap,” “security-based swap,” “security-based swap agreement” (SBSA), and “mixed swap” pursuant to Title VII of the Dodd-Frank Act (DFA).

July 20, 2012

CFTC's Final Rule on the End-User Exception to the Mandatory Clearing of Swaps

July 11, 2012

Commodity Futures Trading Commission Proposes Guidance on Cross-Border Application of Certain Swaps Provisions