Investment Advisers

Publications

Dechert lawyers have long been recognized as thought leaders on the legal and regulatory issues affecting investment advisers in the United States and abroad. As recent events have focused increased attention on investment advisers, evolving markets and new regulatory initiatives have presented challenges as well as created opportunities. Representing the full spectrum of advisory firms, from small boutiques and family businesses to some of the world’s largest financial institutions, we provide comprehensive advice, guiding our clients throughout the business lifecycle on all aspects of organization, registration and regulatory compliance matters.

Business Advice

We counsel clients including investment banks, bank-related and insurance company-related advisers and dually registered investment adviser/broker-dealers on their operations and a broad range of investment advisory products and services, including investment fund products (such as hedge funds, funds of funds and private equity funds), separately managed accounts, wrap fee and model portfolio programs, structured products and every conceivable type of fund. We also regularly assist clients worldwide in addressing both home-country issues and cross-border matters. We counsel clients on such issues as:

  • Formation, structuring, financing arrangements and tax considerations
  • Marketing practices and client and service provider arrangements
  • Personnel issues including employment, consulting and compensation agreements
  • Strategic transactions including joint ventures, mergers and acquisitions, exit strategies and succession matters
  • Investment advisory contracts, prime brokerage agreements and other agreements affecting investment advisers
  • Wrap fee program agreements and documentation
  • “Dual-hatting” and other arrangements to enable affiliates to provide advisory services on a cross-border basis

Regulatory Guidance

In the new regulatory environment, investment advisers must partner with trusted counsel. With an in-depth knowledge of the laws and regulations governing investment advisers in the United States and abroad, Dechert lawyers stand ready to assist clients as they face the latest challenges and in their efforts to take advantage of new opportunities. Dechert lawyers have extensive experience in:

  • Assisting advisers in meeting state, federal and international licensing and registration requirements including SEC, CFTC, state securities regulator registrations and FINRA membership
  • Advising on compliance with the full range of regulations and laws, including the Investment Advisers Act of 1940, Investment Company Act of 1940, Securities Act of 1933, Securities Exchange Act of 1934, Commodity Exchange Act, Commodity Futures Modernization Act of 2000, Sarbanes-Oxley Act of 2002, Gramm-Leach-Bliley Act, USA PATRIOT Act, Dodd-Frank Act and Employee Retirement Income Security Act (ERISA)
  • Preparing investment adviser disclosure documents and reviewing marketing documents and websites
  • Performing “mock” audits to identify compliance risks and assisting clients in preparing and implementing compliance policies and procedures to address those risks
  • Obtaining interpretive, no-action and exemptive relief from U.S. and non-U.S. regulators
  • Helping to shape regulatory policy through comments on major rule proposals
  • Guiding clients through regulatory examinations, responding to regulatory inquiries, drafting responses to document requests and staff deficiency letters and, when necessary, defending enforcement actions