Corporate & Securities

Investment Fund Management

Course Handbook from the program Auditor Liability in the Current Environment 2009: How Attorneys & Auditors Can Protect Themselves & Their Clients, held October, 2009.

Course Handbook from the program Financial Services Industry Regulatory Compliance & Ethics Forum 2009, held November, 2009.

Recorded on: Feb. 5, 2010

SPEAKER: Welcome back folks. We're about to start our hedge fund panel. I think for institutional investors, hedge funds might be the most challenging asset class for number of reasons. First of all, for many institutional investors, it is not an asset class that they are at all used to investing in. Or investment vehicle that they're all used to investing in. If you think about private equity, many institutional investors have been investing in ...

Recorded on: Mar. 30, 2010

SPEAKER 1: OK. Why don't we get settled so we can begin. Welcome back. This panel is focused on derivatives specifically, although, of course, we've touched on them elsewhere. I was introduced this morning. I'm going to introduce my co-panelists. Bob Rizoli will probably rejoin us quite shortly. To my left is Kiye Sakai. She is Executive Director and Counsel at UBS Securities in Stamford. She is a member of the Fixed Income Legal Team in the Americas ...

Recorded on: Mar. 30, 2010

CLIFF: In fact, I'm not even going to let Tom get his papers out and everything. I'm just sort of going to go into the introduction. We've covered two or three of the pooled investment vehicles. We've covered mutual funds. We've covered hedge funds. And in our earlier panel, already a couple of times we've mentioned exchange-traded products, and we mentioned their great growth over the years, their growing significance, so it was Bob's idea last ...

Recorded on: Mar. 30, 2010

[SILENCE] [SILENCE] CLIFF KIRSCH: Welcome back, everyone. I'm Cliff Kirsch and welcome back. For the next three sessions, the next three panels, we're going to be looking at pooled investment vehicles. We're going to have one session right now on mutual funds. We're going to follow after lunch with a session on hedge funds. And then, a relatively new panel -- we had it last year -- exchange traded funds, and exchange traded. No, it's again, three ...

Recorded on: Apr. 5, 2010

OK Why don't we get started here. Welcome back from lunch. For our next panel, I want to introduce the two speakers. They're going to talk about key issues in follow-on financing rounds. So this is the next logical sequence we've gone through, who the players are, typical structures for a first round, and then mock negotiations. And now they're going to go through the key issues that you're going to run into in later rounds, Series B, Series C, so ...

Recorded on: Apr. 12, 2010

BARRY BARBASH: Our last panel of the day, or last piece of the day, is a panel on ethics. It's certainly not the least important. It's an incredibly important topic, and not simply because a lot of us who are New York lawyers need the ethics credit. On an ongoing basis in everyday practice, ethical questions come up when we represent clients, and it's important to have some idea of what the law is, and what your responsibilities are. So with that, ...

Recorded on: Apr. 12, 2010

PAUL ROYE: Thanks, Buddy, for those remarks. I'd like to join Barry in welcoming you to the 2010 Investment Management Institute. We're going to be joined up here by Joel Goldberg. Joel is former Division director, and now partner at Stroock Stroock firm, and has extensive investment management practice. This panel is our opportunity drill down on what's going on in the investment management area, and you know, Buddy has talked about concerns about ...

Recorded on: Apr. 12, 2010

BARRY BARBASH: This is our last panel of the afternoon, the first day. I am joined for this discussion on SEC enforcement and litigation by, to my far right, Jim Benedict, a litigation partner with Milbank. Next to Jim is Lori Martin, litigation partner with Wilmer Hale, and next to me, Joan McKown, who is the chief counsel of the Division of Enforcement. I was struck this morning by what David Bergers had to say about conflicts of interest and ...

Recorded on: Apr. 12, 2010

BARRY: All right. Welcome to day two of the Investment Management Institute. Paul and I try every year when we get the reviews of the conference to evaluate the panels at work and make changes and additions. This panel reflects an addition that we made this year in response to comments that we got last year. We got some comments to the effect that the combination of investment advisor and broker-dealer was more and more relevant and more and more ...

Recorded on: Apr. 12, 2010

PAUL: OK. Welcome back to our afternoon session. As we indicated earlier, I think our conference comes at a particularly opportune time, given that in Congress we're likely to see discussions and debate heat up on financial services reform in the coming weeks. And we're fortunate to have on our panel two folks to talk about those issues, who have been following them very closely. First we have Elizabeth Krentzman to my far right. Elizabeth is a ...

Recorded on: Apr. 27, 2010

DANIELLE BERSOFSKY: Good afternoon. My name is Danielle Bersofsky and I'm a program attorney with the Practising Law Institute. And it's my pleasure to welcome you to our program, Hedge Fund Registration and Compliance 2010. Welcome to our many webcast and groupcast attendees as well. Before we begin today's program, I have a few brief announcements. Please remember that absolutely no recording of this program is permitted. And today's featured ...

Recorded on: Apr. 27, 2010

So as we have gotten into the legislative debate, I think that members of Congress have gotten much smarter about hedge funds. I think they've learned-- to some surprise-- that as a general matter there's much lower leverage in the hedge fund model than even a regulated back or broker-dealer. I think the legislative environment has created a positive educational opportunity for hedge funds to educate senators and members of congress on what they ...

Recorded on: Apr. 27, 2010

SUSAN GRAFTON: So while our next team of panelists are making their way to the stage, so that we don't cut in to the time we'll get to hear their views. I think we're alphabetical, so that works. To my right will be Michael Butowski. And Michael is a partner in the New York office of Mayer Brown, where he counsels public and private domestic and foreign investment vehicles. They are sponsors, directors, advisors, underwriters and administrators of ...

Recorded on: May. 4, 2010

SPEAKER 1: With that, we've had two web questions, which I'll just address quickly. The first is that courts have frequently ruled that item 303, which is the MD&A discussion of known trends and uncertainties that we discussed, is not actionable in the context of securities lawsuits. And the question is, has the SEC taken a correspondingly looser stance on item 303, with respect to enforcement? And I think, from my perspective, the answer is, ...

Recorded on: May. 4, 2010

DAVE: Good morning. We're going to talk, now, about basic underwriting documents, with a focus on the underwriting agreement. The underwriting agreement is the core agreement in any public offering, that's whether it's an IPO, or a secondary offering by a selling stock holder, or if you have a takedown from a shelf registration statement by a very seasoned issuer. If you're going to be representing the underwriters, you're going to be drafting the ...

Recorded on: May. 4, 2010

So I'll give you a brief warning, what we're discussing today and I can-- the panelists are happy to add whatever it is they'd like to that, but this is all for training and illustrative purposes. And it is really not meant to say what is or is not appropriate in any particular circumstance. So with that I'll introduce-- to my immediate right is Sarah Beshar. To my next right is Bill Fredericks and to my next right is Joe Kaufman. And we are going ...

Recorded on: Jun. 21, 2010

SPEAKER 1: OK, Great I'd like to welcome everyone back for our last segment of the day, which is on treasury, financial instruments, cash management, and forecasting. I'd like to introduce Carina Ruiz, a very talented senior manager at Deloitte within the treasury consulting practice. Carina specializes in in-house bank design and implementation, treasury operations, and global cash management. And in this next segment, Carina will provide you with ...

Recorded on: Jun. 21, 2010

ERIC: All right, so maybe we can just while everyone's taking their seat, and we're getting name tags going. The next panel is on capital structure. And this panel is, as its name implies, going to discuss capital structuring, including a run through of the various alternatives that companies have in raising capital, which obviously informs their capital structure. And they're going to use case studies, which is, I think, a fancy term for examples ...

Recorded on: Jun. 21, 2010

ERIC SLOAN: Good morning. We're going to get started. Welcome back to the second day of finance for lawyers. As with yesterday, we want to keep this interactive and casual so if you have questions or issues you want to explore, just raise your hand ask the panel. They'll repeat the questions so people on the web can hear the question and then they'll answer or dodge it as appropriate. We're going to start today with a panel on restructuring and bankruptcy. The ...

Recorded on: Jun. 22, 2010

CLIFFORD E. KIRSCH: Going to start off and as said, we're going to start out by sort of addressing a couple of the questions that came in on the last panel. Spend a couple of minutes on that and then dive into our panel. The question that came in was what is a commingled investment trust fund, and how are they differ from mutual funds. And then there's sort of a host of additional parts of the question saying, is it hard to find more information about ...

Recorded on: Jun. 22, 2010

CLIFFORD E. KIRSCH: Alrighty. Why don't we get started? Welcome back everyone. This afternoon we're going to have a panel that reinforces some of the things we've discussed this morning. We're going to have this panel on the role the board and the role of the adviser. After that, we're going to look at distribution of funds and valuation, looking more at the distribution function of mutual funds and how funds are sold. Then we're going to talk about ...

Recorded on: Jun. 22, 2010

SPEAKER 1: OK, so now comes the panel you've all been waiting for. No pressure, but you guys have gotten a lot of buzz throughout the day as to how terrific this panel is going to be. So let me just introduce Mark Holland and Lori Martin. Both of these lawyers have decades of experience representing investment advisers and mutual funds in various types of litigation, as well as other types of general securities litigation. Mark is a partner at Goodwin ...

Recorded on: Jun. 22, 2010

LORI: Terrific overview, we obviously have a lot to cover today. And you've now made reference to Mary Joan half a dozen times. So let me introduce Mary Joan Hoene, who is counsel at that Sonnenschein, Nath & Rosenthal and also is a specialist in investment management law and regulation focusing on a wide range of funds and other investment products. Mary Joan's career has spanned both private practice, both at financial institutions and at law ...