Investment Management SECURITIES

Combining a track record of financial regulatory agency service and extensive investment adviser experience, our lawyers provide comprehensive 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.

Contacts

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McLucas, William R.

William R. McLucas

Chair, Securities Department

+1 202 663 6622 (t)

william.mclucas@wilmerhale.com

Silva, Timothy F.

Timothy F. Silva

Chair, Investment Management Practice

+1 617 526 6502 (t)

timothy.silva@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

Doberman_Amy

Amy R. Doberman

Partner

+1 202 663 6588 (t)

amy.doberman@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

Schnall, Matt

Matthew Schnall

Partner

+1 617 526 6892 (t)

matt.schnall@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

Faust, John M.

John M. Faust

Special Counsel

+1 202 663 6105 (t)

john.faust@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 8, 2016

DOJ Launches FCPA Pilot Program to Encourage Corporate Voluntary Disclosure and Cooperation

On April 5, 2016, the Fraud Section of the Department of Justice's Criminal Division issued an enforcement plan and guidance laying out three steps it is taking to intensify Foreign Corrupt Practices Act enforcement.

March 4, 2016

German Cum/Ex-Trades: Enhanced Risks and Industry-Wide Challenges

The German and international financial industries and their advisors have come under new pressure to investigate so-called 'cum/ex' trades conducted between 2000 and 2012.

February 29, 2016

SEC's Equity Market Structure Advisory Committee Considers Market Volatility and Customer Issues

The Equity Market Structure Advisory Committee held its third meeting at the Securities and Exchange Commission in Washington DC on February 2, 2016. The Committee is considering whether various regulatory or industry initiatives would improve the function of the US equity markets.

February 11, 2016

Changes to US Treasury Market Structure and Request for Comments

The dramatically changing market for US Treasury securities raises questions and concerns for the public and regulators alike.

January 26, 2016

2015 CFTC Year-in-Review, and a Look Forward

CFTC continues to bring high-profile, large-penalty enforcement cases; begins bringing cases to enforce Dodd-Frank Act implementing regulations; and embarks on post-Dodd-Frank Act regulatory initiatives.

December 21, 2015

SEC Proposes New Framework for Regulating Funds’ Use of Derivatives and Leverage

On December 11, 2015, the Securities and Exchange Commission (Commission) proposed a rule that, if adopted, would rescind nearly 30 years of Commission and staff guidance that is currently relied upon by most mutual funds, closed-end funds and business development companies or “BDCs” (collectively, funds) when entering into derivatives, short sales or other transactions that create conditional or unconditional future payment obligations on a fund. [Also published by Law360].

November 5, 2015

WilmerHale Named 2016 Law Firm of the Year in Mutual Funds By U.S. News - Best Lawyers®

WilmerHale has been named the "Law Firm of the Year" in Mutual Funds Law by U.S. News & World Report and Best Lawyers® in the 2016 edition of the annual "Best Law Firms" list.

November 2, 2015

WilmerHale Receives Top Rankings, Named “Law Firm of the Year” in Mutual Funds Law in 2016 U.S. News - Best Lawyers® “Best Law Firms” List

U.S. News - Best Lawyers® has named WilmerHale "Law Firm of the Year" in Mutual Funds Law and recognizes the firm as a first-tier law firm in 21 national and 58 metro-area rankings. In addition, the firm boasts more than 30 second- and third-tier rankings.

October 26, 2015

FinCEN Proposes AML Requirements for Registered Investment Advisers

An article by Franca Harris Gutierrez, Sharon Cohen Levin, Matthew A. Chambers, Timothy F. Silva, Katrina Carroll, Elijah M. Alper, and Carleton Goss, published in the October 2015 edition of Banking & Financial Services Policy Report, Vol. 34, No. 10.

September 3, 2015

FinCEN Proposes AML Requirements for Registered Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has proposed long-expected regulations that would extend anti-money laundering (AML) requirements to federally registered investment advisers (RIA).