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

Jackson, Richard F.

Richard F. Jackson

Special Counsel

+1 202 663 6445 (t)

richard.jackson@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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April 2, 2014

Best Lawyers Recognizes WilmerHale Women Lawyers

For the past twenty years, Best Lawyers has published the special edition of “The Best Lawyers in America,” the nation’s oldest peer-reviewed lawyer publication.

February 6, 2014

2013 CFTC Enforcement Year-in-Review, and a Look Forward

In recent years, the Commodity Futures Trading Commission (“CFTC” or “Commission”) has brought cases of ever-greater significance, against respondents with greater name recognition, for consistently increasing civil monetary penalties.

January 8, 2014

2014 Winter Olympics: Anti-Bribery Considerations

The February 2014 Olympic games in Sochi, Russia will serve as an opportunity for many companies to market their products and develop customer relationships in an informal setting. While the business value of these opportunities is evident, companies must be mindful that the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, Russian anti-corruption laws, and anti-corruption laws in other countries may impose restrictions on hospitality and other Olympics-related activities.

December 23, 2013

The Volcker Rule Handbook: A Detailed Look at the Final Rule Implementing Section 619 of the Dodd-Frank Act

Three and a half years after passage of the Dodd-Frank Act, the much anticipated final Volcker Rule has been issued.

November 6, 2013

CFTC Approves Proposed Rules on Position Limits

November 1, 2013

WilmerHale Among U.S. News – Best Lawyers® “Best Law Firms” and Again Named International Arbitration “Law Firm of the Year”

The 2014 edition of the U.S. News – Best Lawyers® “Best Law Firms” list names WilmerHale as “Law Firm of the Year” in International Arbitration—this is the second consecutive year that the firm has won this honor—and honors WilmerHale as a first-tier law firm in 27 national and 60 metro-area rankings.

October 8, 2013

SEC Staff Issues FAQs on the Liability of Compliance and Legal Personnel at Broker-Dealers

On September 30, 2013, the staff of the Securities and Exchange Commission's (SEC) Division of Trading and Markets issued a new set of frequently asked questions (FAQs) regarding the liability of compliance and legal personnel at broker-dealers under Sections 15(b)(4) and 15(b)(6) of the Securities Exchange Act of 1934 (Exchange Act).

August 8, 2013

SEC Eliminates Advertising and Solicitation Restrictions for Private Funds

On July 10, 2013, the SEC approved final amendmentsto Rule 506 of Regulation D under the Securities Act of 1933 (Securities Act) to eliminate the current prohibition against general solicitation and general advertising for certain securities offerings, in accordance with, and as mandated by, the Jumpstart Our Businesses Startups Act (JOBS Act).

August 6, 2013

The Hedge Fund Law Report Covers WilmerHale, Deloitte Webinar “Valuation Issues, SEC Examinations & Enforcement Actions”

On June 19, 2013, WilmerHale and Deloitte hosted a webinar entitled “Valuation Issues, SEC Examinations & Enforcement Actions.”

July 11, 2013

SEC Adopts JOBS Act and Dodd-Frank Act Private Placement Provisions; Proposes Additional Requirements for Private Placement Market

At an open meeting on July 10, 2013, the Securities and Exchange Commission (SEC): approved final rules implementing Section 201(a)(1) of the Jumpstart Our Business Startups Act (the JOBS Act) to eliminate the prohibition on general solicitation and advertising for certain offerings made pursuant to Rule 506 of Regulation D of the Securities Act of 1933 (the Securities Act) and Rule 144A under the Securities Act; approved a final rule to disqualify securities offerings involving certain felons and other “bad actors” from reliance on Rule 506, as mandated by Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act); and proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act intended to enhance the SEC’s ability to evaluate changes in the market and to address the development of practices in Rule 506 offerings.