Financial Services and Investment Management

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Dechert is a leading adviser to financial services firms, asset managers and investment funds, representing clients ranging from small start-up and boutique operations to some of the largest financial institutions in the world. Our international team advises on regulatory and compliance matters, investigations by regulatory authorities, litigation and the formation and management of open- and closed-end funds, exchange-traded funds, insurance products, offshore funds and hedge funds. We serve as transactional counsel and handle regulatory issues in mergers and acquisitions of financial services companies and funds. We also advise on the operational integration of diversified financial institutions, tax, ERISA, executive compensation and employee benefits matters.

With approximately 180 financial services lawyers working throughout 18 offices firmwide, Dechert is the only law firm with offices in the key fund jurisdictions of London, Dublin and Luxembourg. We are consistently recognized as a top law firm for investment funds by a number of publications in the U.S., Europe, Asia and the Middle East, including Chambers, The Legal 500 and Best Lawyers.

Investment Funds

Our lawyers represent some of the largest fund complexes in the United States, as well as small- and mid-size complexes. We counsel funds, their advisers, fund boards, independent directors and audit committees. Currently, we represent approximately 50 mutual fund groups, amounting to hundreds of separate mutual funds and dozens of boards of directors/trustees.

Dechert has a team that focuses on European-domiciled fund clients and European-domiciled promoters, investment advisers, distributors and other service providers to funds established in various European and non-European jurisdictions. Our international funds practice is world class and continues to grow in depth and strength.

Dechert's offices in Hong Kong, Beijing and Singapore are staffed by an interdisciplinary team comprised of U.S.-qualified, U.K.-qualified and locally qualified lawyers. Our clients in Asia include both U.S. and European financial services companies of global breadth, as well as Asian financial services companies of all sizes. We advise them on a wide variety of fund formation and financial services regulatory issues.

Our Dubai lawyers make up one of the most experienced funds, asset management and regulatory practices in the Gulf region. They advise a variety of clients regarding the legal and regulatory considerations relating to the establishment, operation and distribution of their investment products and platforms globally and regionally.

Lawyers in our leading Exchange-Traded Funds (ETFs) practice have expertise in ETF fund formation and regularly counsel ETF fund sponsors in the United States, Europe and Asia on the development of new products, as well as advise on related regulatory matters. We also have extensive experience drafting and negotiating operational documents for ETFs.

Recognized internationally as a leading adviser for the hedge fund industry, Dechert is the firm of choice for many of the world’s largest hedge fund and emerging fund managers seeking comprehensive, cross-border service. Our lawyers help clients launch funds, raise capital, achieve tax efficiency and meet regulatory requirements. We advise hedge and alternative asset/strategy funds that engage in private equity/activist strategies through the use of tailored fund structures.

Investment Advisers

Dechert lawyers have long been recognized as thought leaders on the legal and regulatory issues affecting investment advisers. Our investment adviser clients represent the full spectrum of advisory firms, from small boutiques to family offices to the world’s largest financial institutions. These clients include investment banks, bank-related and insurance company-related advisers and dually registered investment adviser/broker-dealers offering a broad range of investment advisory products and services. Moreover, we regularly assist clients worldwide in dealing with both home-country issues and cross-border matters.

Broker-Dealers and Markets

Our broker-dealer lawyers have decades of experience working with financial intermediaries and markets. Dechert lawyers have served with the Financial Industry Regulatory Authority and with the Securities and Exchange Commission. We advise a broad range of clients with broker-dealer issues, including global investment banks and asset managers, national and regional retail firms, advisers, distributors and underwriters for registered investment companies, private funds, variable insurance products, boutique investment banks and introducing and clearing firms.

Banking and Financial Institutions

Dechert lawyers include former federal regulatory officials who represent banks, bank holding companies, savings institutions, trust companies, hedge funds and private equity investors, asset managers and registered funds in a wide range of state and federal bank transactional and bank regulatory issues. We practice before all federal agencies with authority over the activities of financial institutions operating in the United States. We have represented parties in many of the largest bank acquisitions over the last several years, including the acquisitions of the IndyMac Bank, the Bank of Ireland, ING Bank and OneWest Bank. We have a broad base of bank regulatory experience and capability which we provide to both domestic and non-U.S. financial institutions and financial institution investors with regard to contested acquisitions, non-controlling investments, proxy contests, complex regulatory issues, administrative enforcement actions, internal investigations, rulemaking challenges, bank recaps, FDIC assisted acquisitions, Financial Stability Oversight Counsel and Financial Stability Board designation and recommendation proceedings, D&O representations and the Dodd-Frank Wall Street and Consumer Protection Act.

Variable Insurance Products

Dechert regularly assists insurance clients in the development of securities-based products, including variable annuity and variable life insurance contracts. We have been instrumental in creating innovative investment products for insurance companies and have been effective in solving regulatory problems and in crafting relationships among product participants. We have also handled regulatory issues associated with the acquisition of variable product issuers and the managers of underlying funds.

Commodities and Derivatives

Dechert has a core team of professionals in multiple worldwide offices that advises on the law, regulation, and practice of, and provides execution assistance involving, commodities and related cash, derivative, and structured transactions and products. Our expertise and experience covers all commodities and asset classes, including: financials (such as equity, fixed income, and economic instruments, baskets, and indices); currencies; credit, metals; energy, power, weather, industrial, agricultural, and tropical items; investment funds and accounts; real estate; and other tangibles and intangibles. Our diverse international client base provides us with a unique perspective on the business and legal issues of primary importance to all market participants.

Regulatory Compliance

We regularly counsel investment companies, investment advisers, distributors and other service providers on compliance issues, examinations and inspections, both in the course of more general representations and as special counsel to investment companies or fund service providers on sensitive and/or significant compliance matters. In addition, we have drafted and/or assisted firms in preparing or revising their compliance manuals, policies and procedures.

Asset Management Mergers and Acquisitions

Dechert is a leader in mergers and acquisitions for financial services companies. We handle all types of transactions, including joint ventures, share and asset-based transactions and corporate restructurings, for investment companies, investment advisers, investment funds, insurance companies, banks, broker-dealers and other investment company service providers. Our lawyers advise on corporate governance, regulatory compliance and due diligence issues as well as the effect of government enforcement and related litigation matters. We have served as both transactional counsel and regulatory counsel on numerous mergers and acquisitions.

Global Fund Distribution

We provide a comprehensive range of tailored solutions supporting the cross-border distribution of collective investment schemes, including European undertakings for collective investment in transferable securities (UCITS), U.S. mutual funds, closed-end investment funds, private equity funds, exchange-traded funds and structured notes. We are skilled at achieving our clients’ business objectives in cross-border and third-party distribution while maintaining regulatory compliance. Through our non-U.S. offices and our global network of correspondent firms, we provide or coordinate advice on the global marketing and sale of investment funds in more than 90 jurisdictions.

Custodians, Administrators, Transfer Agents

We represent our fund clients with respect to their service provider arrangements, including arrangements with custodians, administrators and transfer agents. We also advise such service providers with respect to the regulatory requirements applicable to their fund service business.

Investment Company Status

It is crucial to determine the Investment Company Act (ICA) status of commingled or corporate vehicles that invest in securities. Those defined as investment companies under the Act will be subject to its regulations, which prohibit an unregistered investment company from engaging in any business in interstate commerce and makes its contracts voidable. We assist issuers in determining and managing their investment company status. Working with representatives of the issuer, we analyze the company’s structure, ownership, balance sheet and other relevant information in order to determine whether an issuer is an “investment company” required to register under the ICA.

Retirement Plans/ERISA/Tax

Dechert’s ERISA lawyers work extensively with clients in the financial services industry on ERISA fiduciary and other issues that arise in plan asset management and additional business transactions. Our lawyers have significant experience dealing with tax issues for investment companies, advisers and distributors of investment companies and financial instruments acquired by investment companies.