Richard Horowitz

richard-horowitz

Richard Horowitz

Partner

New York | Three Bryant Park, 1095 Avenue of the Americas, New York, NY, United States of America 10036-6797
+1 212 698 3525 | +1 212 698 3599

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Richard Horowitz has represented both registered investment companies, including open-end and closed-end funds, and private funds, such as hedge funds and private equity funds, for more than 20 years. He has particular experience with alternative strategy mutual funds, such as manager-of-manager funds, and closed-end funds of hedge funds and private equity funds.

Mr. Horowitz is the co-head of Dechert’s Permanent Capital Practice and regularly advises alternative asset managers in their efforts to access permanent capital through Business Development Companies (BDCs) and closed-end funds. He has obtained SEC co-investment exemptive relief for many BDC and closed-end fund clients and regularly advises on complex co-investment issues. He obtained a unique no action letter permitting the first (and only) master/feeder BDC structure. He is a frequent speaker at conferences regarding developments and trends affecting BDCs and other alternative investment vehicles.

Mr. Horowitz has advised some of the largest companies in the U.S. mutual fund industry, including Merrill Lynch, Morgan Stanley, and Dreyfus Family of Funds. He regularly advises mutual funds on the full range of Investment Company Act issues, including disclosure under the new summary prospectus, affiliation issues, funds, and other compliance issues. Over the years, he has worked on numerous fund merger transactions. He has obtained no action relief on behalf of clients on a variety of issues, including the ability of mutual fund wrap fee programs to charge deferred sales loads and ‘40 Act issues associated with a three-tier registered fund of hedge funds structure.

Mr. Horowitz has organized and structured both domestic and offshore private funds. He regularly advises investment advisers on all aspects of regulatory and compliance issues under the Investment Advisers Act, including hedge fund best practices, codes of ethics, trade allocation issues, presentation of prior performance, and U.S. private placement marketing issues.

Mr. Horowitz also advises various publicly traded permanent capital vehicles, such as REITs, on their ability to avoid coming within the definition of an investment company by relying on one or more exemptions under the Investment Company Act.

Mr. Horowitz has been recognized by The Legal 500, which noted that “Richard Horowitz provides immediate advice and breeds confidence in his advice. He offers a very good combination of theory and practicality.”

Education
  • The Wharton School, University of Pennsylvania, B.S., 1985, economics
  • University of Pennsylvania Law School, J.D., 1988
Admissions
  • New York
Speaking Engagements
  • Managed Futures Mutual Funds – The End of the Party? — Presented by CTA Intelligence, New York (February 24, 2016)

Speaker, "Managed Futures Mutual Funds – The End of the Party?" covered the following topics: Growth projections for the sector; Competing with mutual fund giants; Getting the distribution puzzle right; and The threat of new SEC rule-making.

  • Compliance, Risk & Enforcement Symposium – New York 2015™ —Presented by the Regulatory Compliance Association, New York (November 3, 2015)
  • Alternatives Leadership Forum — Hosted by DST and ALPS, a DST Company, Boston (September 24, 2015)
  • Industry Trends: Review of 2014 and Preview of 2015 — Investment Company Institute Closed-End Fund Conference, New York, NY (November 4, 2014)

Moderator, "Industry Trends: Review of 2014 and Preview of 2015" panel reviewed the developments in the industry and discussed upcoming trends. The panelists discussed the slow pace of IPOs this year, the increase in merger and consolidation activity, innovative ways to increase assets (including shelf offerings), and the benefits of listed versus unlisted closed-end funds.

  • The Role of Retail Alts, Trends and What it Takes to Succeed — Hosted by Context Summits, DST Alternative Fund Solutions and KPMG, New York, NY (June 19, 2014)
  • 2nd Annual Liquid Alternative Strategies West — IIR USA, San Francisco, CA (April 28-29, 2014)
  • Alternative Strategy Mutual Funds Forum — Presented by the Institute for International Research (IIR USA), New York, NY (September 11, 2013).

Moderator, "Alternative Strategy Mutual Funds Forum" panel on '40 Act Multi-Strategy Funds discussed unlisted closed-end funds of hedge funds, registered fund of hedge funds, and multi-manager mutual funds.

  • RetailALTS 2nd Annual Advisor & Broker-Dealer's Forum — Financial Research Associates, Boston, MA (May 21, 2013)

Speaker, "RetailALTS SM 2nd Annual Advisor & Broker-Dealer’s Forum" panel designed for advisors and broker/dealers looking to expand their alternative offerings and looks at everything from the evolution of alternatives in the retail space to the distribution channels, performance, and strategies behind these investment options.

  • Offering Alternative Strategies and Alternative Asset Classes to Retail Investors — Financial Services Breakfast Briefing, Palm Desert, CA (March 19, 2013).
  • 40 Act Funds – Game Changer for Funds of Funds? — Infovest21, New York, NY (February 7, 2013)
  • 40 Act Funds: What You Need To Know — 3rd Annual Innovative Alternative Strategies Conference, Denver, CO (July 30, 2012)