RESOURCES & RECOGNITION

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Stradley Ronon & R.R. Donnelley Publications


The Investment Company Act of 1940 and Investment Advisers Act of 1940, 20th Edition


THE REGULATION OF COMMODITY POOL OPERATORS AND COMMODITY TRADING ADVISORS UNDER THE COMMODITY EXCHANGE ACT: 1940 Regulatory Materials Relevant To The Act Practitioner, 2nd Edition


The Registration of Mutual Funds, 21st Edition




Mergers of Investment Companies, 9th Edition



Mutual Fund Record Retention Reference Guide, 2nd Edition


2nd Edition, The Guide to Rule 2a-7




Stradley Ronon's Investment Management/Mutual Funds Practice Group has been named one of the top 10 for number of mutual fund clients by Mutual Fund Wire, an online news publication covering the Mutual Fund and 1940 Act industry.


Stradley Ronon's Investment Management/Mutual Funds Practice Group has been named as one the top firms nationally for Investment Funds: Registered Funds in the 2009-2014 editions of Chambers USA: America's Leading Lawyers for Business. In 2014, Chambers noted that the firm has an "[a]cclaimed registered funds group with outstanding expertise and experience in ETFs. Represents many of the groups at the forefront of product development." Read more on the firm's Chambers rankings here.


FundLaw:

John Baker, an attorney in our Washington, D.C., office publishes an Internet-based e-mail newsletter that digests recent regulatory developments and is periodically distributed to our clients and firm friends. FundLaw also offers readers the ability to quickly access the underlying rule, court decision, press release or other source documents when they require more in-depth knowledge and perspective of an issue.

 

 
 
Investment Management/Mutual Funds
 
 

OUR Practice
Stradley Ronon maintains one of the premier investment management practices in the United States, representing investment company clients with more than 1,000 separate funds and assets under management approaching $2 trillion, including several of the largest investment company complexes in the country.

OUR Experience
Our Investment Management/Mutual Funds Practice Group represents retail and institutional investment companies marketing shares through every distribution channel, as well as investment advisers, hedge fund sponsors, managers, administrators and underwriters/distributors. We also serve as independent legal counsel to investment company independent directors/trustees, and as special counsel to other law firms with regard to complex issues arising under the Investment Company Act of 1940.

YOUR Issues
The foundation of Stradley Ronon’s Investment Management/Mutual Funds practice is its recognized capability to advise and assist in all facets of an investment fund’s legal operation – from evaluating a client’s strategies on forming a mutual fund, to assisting with potential transactions. We advise clients daily on:

  • managing and directing the annual update process, including scheduling, organizing and preparing documents 

  • drafting, reviewing and, in certain instances, filing registration materials for new mutual funds, including cutting-edge or novel products 

  • preparing and reviewing board memos and other materials, and attending board meetings 

  • preparing attendant documents for complex fund restructurings and reorganizations 

  • preparing exemptive applications and no-action letters, and shepherding them through regulatory channels 

  • participating extensively in the representation of our clients in SEC or other state enforcement actions 

  • addressing complex tax issues arising in the formation and operation of mutual funds

Stradley Ronon is also actively involved in helping clients respond to the changing investment management environment, including sweeping SEC initiatives. We have worked with fund clients, CCOs and boards to address crucial issues as they arise, including:

  • implementing and testing compliance policies and procedures adopted under the new SEC rules 

  • counseling on novel disclosure issues, including the use of derivatives by funds and various corporate governance and transparency initiatives 

  • strategizing and counseling on new product development, including formation of alternative investment entities, such as hedge funds, multi-manager funds, funds of hedge funds and offshore funds

OUR Services
We address a full range of issues for our clients, including those related to: 

  • 1940 Act Registered Funds
  • Exchange-Traded Funds 
  • Independent Directors/Trustees 
  • Derivatives 
  • Investment Advisers 
  • Broker-Dealers 
  • Money Market Funds 
  • Corporate & Finance
  • Hedge Funds
  • Asset Manager M&A 
  • Securities Enforcement 
  • Tax 
  • Closed-End Funds 
  • ERISA
  • Alternatives Funds
  • CFTC Regulation

OUR History
Stradley Ronon has a long and rich history
assisting clients with new and innovative investment products addressing industry trends in portfolio management.

  • 1928
    Stradley Ronon name partner Andrew Young helps to establish the Wellington Fund, one of the first mutual funds in the United States. Today, the Wellington Fund is a member of the Vanguard family of funds and continues to be managed by Wellington Management Company.

  • 1935
    Mr. Young forms the investment firm that ultimately becomes Delaware Management Company. He also forms that firm’s flagship fund, the Delaware Fund. Stradley Ronon continues to represent both DMC and the Delaware Fund today.

  • 1940
    The Investment Company Act of 1940 is enacted into law. Mr. Young attends the Congressional hearings leading up to its enactment.

  • 1960-1975
    Stradley Ronon creates one of the first fund-of-funds structures in the industry. Our firm drafts and negotiates with the SEC the exemptive application that leads to the creation of The Vanguard Group, Inc., which remains one of the most unique and innovative structures in the industry.

  • 1980-1994
    Prior to the adoption of Rule 18f-3, Stradley Ronon drafts one of the very first multiple classes’ exemptive applications. We establish master/feeder structures, which involve the conversion of funds to such structures, as well as the establishment of such structures anew.

  • 1995-1998
    We structure and establish a very unique product for a major fund complex, which leads to the establishment of an institutional fund organization that could invest a portion of its assets in other affiliated funds for asset allocation purposes, and not as a traditional fund-of-funds. The fund organization is established as a 40 Act only registered vehicle.

  • 1997
    Stradley Ronon drafts and establishes one of the first unregistered money-market sweep vehicles in the country.

  • 2003-2005
    We establish certain fund structures that are used for investment by wrap fee products, which are modeled after the one originally established for PIMCO, known as the “FISH” product.

  • 2009
    Our attorneys secure a no-action letter from the SEC, giving a major mutual fund complex permission to participate in the Term Asset-Backed Securities Loan Facility (TALF). This letter has served as the principal guidance for the industry with respect to TALF.

  • 2012
    On behalf of a client, we obtain the first manager-of-managers exemptive order that covers both affiliated and unaffiliated sub-advisers since the SEC stopped issuing such orders in the 1990s.

  • Present
    We continue to counsel clients on innovative registered funds with exposure to commodities, real estate and other complex derivatives. Our attorneys counsel on large fund reorganizations, evolving CFTC regulations, fund-of-funds structures involving unregistered pooled vehicles (domestic and offshore), closed-end funds and hybrid vehicles, such as interval funds.
Contact:
Bruce G. Leto
Chair
215.564.8115
bleto@stradley.com
Practice Group:
Attorneys
Publications
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Related Practice Areas:
Exchange-Traded Funds (ETFs)
Tax
Business
Employee Benefits & ERISA
Insurance
Litigation
Structured Finance
 
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