Investment Management
Regulatory expertise that drives real-world innovation.
From obtaining industry-first exemptive and no-action relief to assisting in the development of novel products, we have helped our clients become and remain industry leaders. We touch trillions worth of assets as counsel to more than half of the top 20 U.S. fund firms, serve as counsel to independent directors to more than 100 fund groups, and represent more than 40 fund sponsors.
Stradley Ronon is one of only four firms ranked in Band 1 for Nationwide: Registered Funds by Chambers USA. Our investment management practice is bolstered by a robust slate of former U.S. Securities and Exchange Commission (SEC) staff members, many of whom served in the SEC’s Division of Investment Management and as thought leaders for the regulations we see today.
Our Innovative Approach
At the inception of the mutual fund industry, Stradley Ronon was directly involved in the creation of one of the first mutual funds in the United States. That drive continues today with our firm’s involvement in emerging areas such as next-generation exchange-traded products, alternative products, fintech, and swaps and other derivatives trading.
"I met with [Vanguard founder and former chief executive] Jack Bogle and asked him if he could do the operations work of running a fund and charge us a fee, and he said, ‘OK.’ The first thing I needed was a good law firm. He told me to call Stradley Ronon (Stevens & Young) in Philadelphia, and that’s how we got started.” — Dimensional Fund Advisors Chairman David Booth as told to Pensions & Investments
Our team advises investment advisers, public and private funds, fund boards, service providers and insurance companies on matters ranging from traditional and novel regulatory issues to practical considerations relevant to initial formation and continued operations.
A strength and differentiating feature of our practice is that in addition to our direct client work for investment managers, we engage in public policy about the future shape of the registered funds industry and have consistently demonstrated leadership in this space, working with key industry bodies such as the Investment Company Institute (ICI), Independent Directors Forum, Mutual Fund Directors Forum and Securities Industry and Financial Markets Association (SIFMA). We are one of only three law firms selected by the ICI to advise on the modernization of the Investment Company Act of 1940 (1940 Act).
Investment Management Services
- Broker-Dealer
- Business Development Companies
- Closed-End Fund Activism
- Common & Collective Trust Funds
- Derivatives & Commodities
- Digital Assets, Tokenization & Blockchain
- ERISA & Employee Benefits
- Exchange-Traded Funds (ETFs)
- Independent Trustee Counsel
- Institutional Investors
- Insurance Funds
- Interval & Tender Offer Funds
- Investment Advisers
- Investment Management Litigation
- Investment Management Mergers & Acquisitions
- Investment Management Tax
- Listed Closed-End Funds
- Money Market Funds
- Private Investment Funds
- Registered Investment Funds
- Retail Alternative Funds
- Securities & Regulatory Enforcement
Playing a critical role in shaping this rapidly growing area of the investment management landscape, Stradley Ronon represents a broad range of exchange-traded funds (ETFs), their investment advisers and/or their independent directors ranging from representations involving three of the four largest ETF groups in the United States, more than half of the top 30 ETF groups, and startup ETF groups. We guide our clients in navigating the complex regulatory and market environments in which ETFs are developed, launched and operated. We also work with boards of directors on all aspects of the establishment and oversight of ETFs.
Stradley Ronon has been serving as independent legal counsel to independent trustees for decades, and we represent independent directors to more than 100 fund groups and more than 20% of all independent trustees serving on fund boards. The breadth and variety of the investment funds that our independent trustee clients oversee allows us to implement a comprehensive, well-informed approach to help independent trustees fulfill their regulatory obligations.
Valued for their breadth of real-world, practical advice — coupled with in-depth knowledge of emerging regulatory and market developments — our investment adviser lawyers represent a broad range of advisers, from fintech startups to some of the largest global asset managers. Our broker-dealer practice provides a broad range of legal services to broker-dealers, underwriters, distribution participants and other financial intermediaries. We represent both general and special purpose broker-dealers offering a diverse range of brokerage products and services to their customers.
Representing registered investment funds and assisting clients with new and innovative investment products for more than 95 years, Stradley Ronon’s registered investment funds practice is among the largest in the United States. We represent retail and institutional registered investment fund marketing shares through every distribution channel, as well as managers, administrators and underwriters/ distributors. Additionally, we serve as independent legal counsel to registered investment fund independent directors/trustees and as special counsel to industry trade groups and other law firms regarding complex issues arising under the 1940 Act.
As market demand for alternative investments continues, investment firms and fund sponsors are increasingly focused on making alternative asset classes and strategies available to a wider audience, including retail investors. Stradley Ronon’s experience and collaboration across the variety of disciplines relevant to retail alternatives — registered funds, hedge funds, private equity and private credit, real estate, lending, structured finance, investment management mergers and acquisitions, tax, Employee Retirement Income Security Act (ERISA) and more — allow us to add value from product innovation, structure and design through launch and continued operations.
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