Independent Trustee Counsel

Overview

Independent trustees serve in a difficult role, overseeing the management and operations of investment funds and helping ensure that the funds are managed in the best interests of the shareholders. Independent trustees can face many challenges ranging from asset valuations to best practices for board governance. We have the experience and skills to help navigate these challenging waters.

Stradley Ronon’s investment management practice has extensive experience serving as independent legal counsel to independent trustees. The independent trustees we advise oversee the widest range of investment products and investment strategies. We support the independent trustees of open-end retail funds, closed-end funds, mutual funds of variable insurance products, ETFs and more.

Some of our clients oversee complex products, and others oversee traditional asset classes. We differentiate among our clients’ needs and customize appropriate solutions. Many of the funds our clients oversee employ complicated investment strategies, which can require the development and execution of novel board oversight techniques. This includes liquid alternatives funds, manager-of-managers, fund-of-funds and many other complex investment strategies. Our independent trustee clients also serve for funds that use traditional investment strategies requiring traditional oversight techniques. Our broad client base allows us to tailor our approach, recognizing that one size does not fit all.

OUR Technical Skill & Business Acuity
Our lawyers who serve as independent trustee counsel have significant prior legal experience working with fund investment advisers and serving as fund counsel. That work gives our lawyers technical abilities and business acuity that we bring to bear in advising our independent trustee clients. As a simple example, lawyers who routinely draft, review and interpret fund compliance policies and procedures are able to give independent trustees practical advice about these procedures.

OUR Approach
We help our independent trustee clients collaborate productively with management and help ensure that the decision-making by the independent trustees retains the full protection of the business judgment rule.

We take a collegial approach, working at the direction of our client, with the various service providers to the funds.

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Publications

  • Lessons for Fund Directors From Target’s Data Breach  
    Board IQ
    September 20, 2016
    Article

  • SEC Examinations Focused on Private Equity Fund Conflicts of Interest
    September 2016
    Financier Worldwide
    Publications

  • Pressure Points: Handling Aggressive SEC | PDF
    August 30, 2016
    Publications

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