Claire Olivar

Partner

Experience

  • Stradley Ronon Advises Invesco in Novel Conversion of $400B QQQ Trust to Open-End ETF

    Stradley Ronon represented Invesco Capital Management in a first-of-its-kind conversion of the $400 billion Invesco QQQ Trust, Series 1, from an exchange-traded fund (ETF) organized as a unit investment trust (UIT) to an ETF organized as an open-end management investment company.

    As a result of the December 22 conversion, shareholders of QQQ will be able to enjoy the benefits of a modernized structure and will benefit from a reduced total expense ratio, resulting in a 10% fee reduction for shareholders. In addition, Invesco will be able to earn a profit from its management of the fund for the first time. Under the Investment Company Act of 1940, sponsors of a UIT are prohibited from charging a UIT any fees that include an element of profit, and the conversion has removed that limitation.

    Invesco is an independent global investment firm managing $2.1 trillion in assets under management for both retail and institutional investors as of September 30.

    Learn more in Invesco’s announcement.

    Alan P. Goldberg, Mark R. Greer, Claire Olivar and Eric S. Purple

  • Lovell Minnick Partners Makes Majority Investment in CenterSquare Investment Management

    Stradley Ronon represented Lovell Minnick Partners in its majority investment in CenterSquare Investment Management, a global investment manager with approximately $9 billion in assets under management in U.S. and global real estate and infrastructure investments, in connection with the acquisition by Lovell Minnick Partners and CenterSquare’s management of CenterSquare’s business from BNY Mellon Investment Management. Founded in 1999, Lovell Minnick Partners is an independent private equity firm specializing in the financial and business services sectors. Having raised $1.7 billion in committed capital, the firm has provided equity capital for growth investments, management buyouts, succession and ownership transitions, and recapitalizations for over 30 middle-market companies.

    Christopher W. Rosenbleeth, Steven A. Scolari, Jason R. Jones and Claire Olivar

  • Invesco Closed-end Funds Execute Preferred Share Refinancings

    Stradley Ronon represented nine Invesco-sponsored municipal closed-end funds in connection with the extension of the term redemption date on approximately $1.95 billion in aggregate liquidation preference of the funds’ Variable Rate Muni Term Preferred Shares (VMTP Shares). In addition to the extensions, four of the funds sold in private placements additional VMTP Shares totaling $87.5 million in aggregate liquidation preference, and one of the funds redeemed $15 million worth of VMTP Shares.

    Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. For more information, please visit the Invesco website at www.invesco.com.

    Joel D. Corriero, Miranda L. Sturgis and Claire Olivar

Firm Highlights