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Investment Management Institute 2020

Speaker(s): Adam T. Teufel, Alexandra K. Alberstadt, Alicia F. Goldin, Andrew M. Lawrence, Anne C. Choe, Anthony S. Kelly, Barry P. Barbash, Dalia Blass, Daniele Marchesani, Greg Konzal, Jason Bortz, Jennifer A. Duggins, Jennifer L. Klass, Jennifer Songer, Lance R. Barrett, Linda M. French, Lori A. Martin, Maria Gattuso, Paul F. Roye, Peter B. Driscoll, Sarah A. Bessin, Sean M. Murphy, Stephanie R. Breslow
Recorded on: Jul. 28, 2020
PLI Program #: 279124

Adam T. Teufel regularly advises registered investment companies (including mutual funds, exchange-traded funds and closed-end funds), their investment advisers, distributors and their boards of directors on a wide range of regulatory and corporate matters, such as the development and launch of new funds, regulatory compliance, fund governance, fund distribution and advertising, and fund/adviser reorganizations and acquisitions. He routinely represents funds and their advisers before the SEC and other regulators, and has expertise on issues arising under the Investment Company Act of 1940 and other federal securities laws pertaining to the asset management industry. 

Mr. Teufel has significant expertise with respect to exchange-traded funds (ETFs), other exchange-traded products and their advisers, including obtaining SEC exemptive relief, the organization and launch of new ETF complexes and novel ETFs, and advising on a wide range of operational and compliance issues unique to ETFs.  

Mr. Teufel has been recognized by The Legal 500 (US) in the area of investment fund formation and management: mutual/registered funds.


  • Emory University, B.B.A., 2001
  • The Catholic University of America, Columbus School of Law, J.D., 2006, cum laude, Securities Law Program concentration certificate, Summer Honors Program intern with the Securities and Exchange Commission, Note & Comment Editor of the Journal of Contemporary Health Law & Policy

Alexandra K. Alberstadt has spent most of her career advising investment companies, boards of directors and investment advisers on corporate governance, state and federal regulatory matters, compliance, operational and business issues.  She is well-versed in both the ICA and the IAA; her practice runs from strategy ideation to fund formation and registration.  She assists clients with organizational, governance and offering matters, as well as material contracts, and has worked with transfer agents, brokers, dealers and investment advisers, and operating and technology companies. Her clients have included stand-alone funds, fund complexes, open-end funds, closed-end funds, ETFs, BDCs, transfer agents, registered and foreign advisers and ERAs, and a range of private funds.  Prior to joining Practus, Alex was a Partner at Perkins Coie in the Investment Management Group and a member of the senior leadership of their Blockchain industry group. She also served as a Law Clerk to the Hon. Charles L. Levin in the Michigan Supreme Court.

When Alex is not working, she maintains an active pro bono practice focused on not-for-profit corporations, helping organizers of animal rescues, food banks, programs addressing memory disorders, and diverse arts organizations. In her free time, she enjoys reading, cooking, spending time with her children, and taking advantage of New York City’s myriad of opportunities in the arts.


  • New York University School of Law, LL.M., Taxation
  • Michigan State University School of Law, J.D., summa cum laude
  • St. John’s College, B.A., the “Great Books” Program

Alicia Goldin is a Senior Special Counsel in the Division of Trading and Markets, Office of Chief Counsel, specializing in broker-dealer sales practices, with a particular focus on issues relating to Regulation Best Interest, Form CRS, advertising, supervision and arbitration.

Ms. Goldin previously served as Counsel to former SEC Commissioner Elisse B. Walter.  Prior to joining the Commission in 2007, Ms. Goldin spent four years in private practice. She earned her law degree from the University of Michigan Law School and her undergraduate degree from the University of Virginia.

Andrew M. Lawrence represents a wide range of clients in investigations by the U.S. Securities and Exchange Commission (SEC), the U.S. Department of Justice (DOJ), other federal and state law enforcement agencies and the Financial Industry Regulatory Authority (FINRA).

Mr. Lawrence’s experience in securities-related matters includes the representation of corporations and their officers, directors and employees in investigations regarding financial reporting, disclosure, stock options backdating and insider trading matters. He also has represented broker-dealers and mutual fund complexes in SEC and other federal and state regulatory investigations related to trading, disclosure and market-timing matters. In addition, Mr. Lawrence regularly advises clients on securities law compliance issues.

Mr. Lawrence has conducted numerous internal investigations on behalf of U.S. and foreign public company boards and audit committees. In particular, Mr. Lawrence has represented several clients in connection with DOJ and SEC investigations related to the Foreign Corrupt Practices Act (FCPA), and he has extensive experience conducting global investigations for companies with issues arising under the FCPA. Mr. Lawrence has conducted investigations for clients involving FCPA-related issues in Africa, Asia, Europe, Latin America and the Middle East. He also regularly advises corporations regarding the development and enhancement of compliance structures and related policies and procedures designed to prevent and detect potential violations of law.

Mr. Lawrence’s representations have included:

  • several public companies and audit committees in internal investigations, and related DOJ and SEC investigations, into potential violations of the FCPA;
  • a global financial services firm in investigations by the SEC and FINRA of mutual fund sales and trading practices;
  • a former officer of a major financial services firm in investigations by the SEC, state attorneys general and the DOJ regarding the sale of residential mortgage-backed securities;
  • a technology company and the company’s audit committee in an SEC investigation of stock option granting practices;
  • a global reinsurance company in the settlement of an SEC investigation into an alleged fraudulent accounting scheme by an entity that the company had acquired involving certain nontraditional insurance and reinsurance transactions;
  • the chairman of the board of directors of an insurance company in an SEC investigation of compensation disclosure issues; and
  • the general counsel of a technology company in investigations by the SEC and DOJ of alleged accounting fraud.

Prior to joining Skadden, Mr. Lawrence worked in the SEC Division of Enforcement, where he was responsible for investigating and prosecuting individuals and entities for alleged violations of the federal securities laws and SEC regulations.

Mr. Lawrence has written extensively on SEC enforcement and white collar criminal matters.

Anne C. Choe is a partner in Willkie's Asset Management Group. She advises a wide range of pooled investment vehicles, including mutual funds, exchange-traded funds (ETFs), private funds (hedge funds, private equity funds and venture capital funds) and their sponsors and investment managers. She has in-depth knowledge of the various securities and other laws applicable to pooled vehicles and regularly counsels investment advisers and family offices on a variety of SEC regulatory filings and compliance matters. Ms. Choe has significant experience advising on the creation and operation of registered open-end investment companies and ETFs and provides counsel to fund independent boards.

A key aspect of Ms. Choe's practice is advising investment management firms in registering with the SEC as investment advisers. Additionally, she routinely counsels clients on the application of the Advisers Act custody rule, advertising rule, and "pay-to-play" rule, as well as the implementation of compliance programs as required by Rule 206(4)-7 under the Advisers Act.

Ms. Choe regularly represents investment advisers and funds in SEC examination and enforcement matters. She also assists clients in connection with internal compliance reviews and investigations, and the development and testing of compliance programs.

In addition to counseling clients, Ms. Choe has built an active fund and investment adviser transactional practice. She is regularly involved in advising on investment management M&A transactions and has recently taken the lead on a number of those deals.

Chambers USA (2020) recognizes Ms. Choe as an Up and Coming Practitioner in the area of Investment Funds: Regulatory & Compliance (Nationwide).

Selected Professional and Business Activities

  • Member of Private Equity Women Investor Network (PEWIN)
  • Legal Council on Legal Diversity Fellow (2017)

Selected Publications and Speaking Engagements

  • "Form ADV Reporting and Disclosure Amendments: Are You Ready for What Lies Ahead," Webcast, The Knowledge Group (Jan. 2018) (co-speaker)
  • "Advisers Act Anti-Fraud Rules: Custody, Political Contributions, Solicitors and Proxy Voting Requirements," Webcast, Investment Adviser Association and NRS Education (April 2017) (co-speaker)
  • "SEC Proposes Changes to Money Market Funds," The Metropolitan Corporate Counsel (July/Aug. 2013) (co-author)
  • "New Treasury Form SLT Applicable to Investment Managers, Broker-Dealers and Funds," The Investment Lawyer (Dec. 2011) (co-author)


Ms. Choe received a JD from University of North Carolina School of Law in 2009 and a BS from University of Maryland in 2002.

Barry P. Barbash is the senior member of the firm's Asset Management Group and has been a practitioner in the asset management area for over 40 years. He combines deep private practice experience with extensive knowledge of the regulation of the asset management business, having, among other things, served from September 1993 until October 1998, as the Director of the Securities and Exchange Commission's Division of Investment Management.

Mr. Barbash has a diverse practice covering all aspects of the asset management business. He regularly advises investment managers and fiduciaries, independent directors and trustees, and mutual fund, exchange-traded fund, hedge fund, private equity fund and venture capital fund clients on a variety of transactional, compliance and regulatory matters. His areas of experience include investment adviser operations, compliance procedures and policies and fund governance matters. He regularly represents buyers and sellers in asset management merger and acquisition transactions and restructurings and advises asset managers of all types in connection with administrative and court actions brought by securities regulators. He has particular experience dealing with "status" issues arising under the Investment Advisers Act of 1940 and the Investment Company Act of 1940.

He has, in addition to serving as the Director of the SEC's Division of Investment Management, held staff attorney positions with the Division of Investment Management and the Plan Benefits Security Division of the Office of the Solicitor of the U.S. Department of Labor, which has responsibility for the administration of the fiduciary responsibility provisions of the U.S. federal employee benefit plans law. His practice has been focused on investment advisers, fiduciaries and securities regulation since 1978.

Mr. Barbash serves as Co-Chairman of the Investment Management Institute sponsored by the Practising Law Institute, Chair of the Private Funds Subcommittee of the Federal Regulation of Securities Committee of the Business Law Section of the American Bar Association and Chairman of the New York City Bar Association's Committee on Investment Management Regulation. He also serves on the planning committee of the Annual International Conference on Private Investment Funds, presented by the International Bar Association. He was awarded the Presidential Distinguished Rank Award for exceptional achievement during his tenure as a member of the Senior Executive Service of the United States.

Mr. Barbash authored a chapter in Hedge Funds and Prime Brokers entitled "Corporate Governance by and for Hedge Funds" (Risk Books, 2007), and was the lead author of "The Investment Advisers Act of 1940: Regulation by Accretion," (Rutgers Law Journal, Spring 2008). Mr. Barbash was named Lawyer of the Year in the area of Securities/Capital Markets Law in the 2021 edition of The Best Lawyers in America.

Mr. Barbash received a JD from Cornell Law School in 1978, and an AB (summa cum laude) from Bowdoin College in 1975.

Dalia Osman Blass is the Director of the Securities and Exchange Commission’s Division of Investment Management.

The SEC's Division of Investment Management works to protect investors and to promote capital formation and innovation in investment products and services through oversight and regulation of the nation’s multi-trillion dollar investment management industry. The Division is responsible for the Commission's regulation of investment companies, variable insurance products, and federally registered investment advisers.

Ms. Blass previously served in a number of leadership roles in the Division of Investment Management. Ms. Blass returned to the SEC as Director of the Division of Investment Management in September, 2017 from private practice, where she advised on a broad range of investment fund, private equity, and regulatory matters. Earlier in her career, Ms. Blass practiced corporate law in New York and London.

Ms. Blass earned a J.D. from Columbia University School of Law. She received her B.A in international studies from the American University and studied political science at the American University in Cairo.

Daniele Marchesani is an Assistant Chief Counsel in the Chief Counsel’s Office of the SEC’s Division of Investment Management, which is primarily responsible for applications, and no-action and interpretive positions under the Investment Company Act and the Investment Advisers Act.  Most recently, Mr. Marchesani has worked on matters including non-transparent ETFs, the ETF rule, affiliated multi-manager relief, the IDC board no-action letters, and the proposed rule for applications under the Investment Company Act.  

Mr. Marchesani joined the SEC in 2009, serving first as Senior Counsel in the Division of Investment Management’s Rulemaking Office and later as Branch Chief in the Exemptive Applications Office.  Previously, Mr. Marchesani was an associate in the Financial Services group of Dechert LLP and served as law clerk to the Honorable Carolyn Berger, Justice of the Delaware Supreme Court.

Greg Konzal is an attorney in the Legal and Compliance Group with primary responsibility for managing the legal support for Wellington Management’s capital market activities, sponsored products, and client and regulatory matters in the US, Canada, and Latin America.  Previously, Greg served as Wellington Management’s Regional Head of Legal, EMEA.

Prior to joining Wellington Management in 2002, Greg was an attorney with Dechert (1997 – 2002), Bankers Trust Company (1996 – 1997), and Seward & Kissel (1994 –1996).

Greg received his JD from Columbia School of Law (1994) and his BA from Columbia University (1991).

Jason Bortz is a senior vice president and senior counsel at Capital Group, the investment manager to the American Funds.  He has been practicing law for 20 years.  Throughout his career, Jason has worked on tax and retirement plan issues.  Prior to joining Capital, Jason was a partner with Davis & Harman, LLP in Washington, D.C.  Before that, he was a law clerk for a federal court of appeals judge.  He holds a juris doctorate degree from Cornell Law School and a bachelor’s degree in philosophy from Hamilton College.  He is a contributing author to several books, including the 403(b) Answer Book, the Annuities Answer Book, The Complete Guide to Nonprofits and BNA’s Tax Management Portfolio on Cash or Deferred Arrangements.  He is a member of the California, New York and Washington, D.C. bars. Jason is based in Los Angeles.

Jennifer L. Klass serves as the Co-chair of Baker McKenzie's Financial Regulation and Enforcement Practice in North America. Jen is an experienced investment management lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters. Jen is a leading practitioner in digital investment advice and the use of FinTech in the asset management industry.

Jen provides practical advice that is informed by her experience as Vice President and Associate Counsel at Goldman, Sachs & Co., where she represented the asset management and private wealth management businesses.

Practice Focus

Jen counsels financial services firms on regulatory and compliance matters arising under federal and state securities laws, including fiduciary duty and conflicts of interest, standards of conduct, disclosure and internal controls, advertising and social media, regulatory examinations and enforcement defense. She also has deep experience counseling clients in the development and operation of managed account (or wrap fee) programs and in performing strategic business reviews designed to review and benchmark existing business and compliance practices.

Jen's practice tends to focus on the retail and wealth management businesses of investment advisers and dual registrants, her clients include the full range of asset managers, broker-dealers, and sponsors of private investment funds, mutual funds, and exchange-traded funds.

Jennifer Songer serves as Branch Chief of the Private Funds Branch of the Investment Adviser Regulation Office, a unit of the SEC’s Division of Investment Management in Washington, DC.  The Private Funds Branch focuses on regulations affecting private fund advisers and assists the Commission in developing policy relating to private funds and private fund advisers.  Prior to joining the SEC, she was an associate at K&L Gates LLP and Seward & Kissel LLP where she advised clients on the structuring, formation, and private offering requirements of private funds and provided counsel to investment advisers in regulatory and compliance matters. 

Ms. Songer received a J.D. from Boston College Law School and a B.A. from the University of Pennsylvania.

Lance R. Barrett is a Senior Counsel in Vanguard’s Office of the General Counsel, where he leads a team of attorneys and analysts specializing in legal, regulatory, and compliance matters associated with ETFs. Mr. Barrett joined Vanguard in October 2010.

Prior to joining Vanguard, Mr. Barrett was an Associate General Counsel with Legg Mason in Baltimore, Maryland where his practice focused on a wide range of investment management matters, including registered funds and private funds.

Mr. Barrett received his J.D. from the University of Baltimore School of Law and a B.A. from Rollins College.

Linda M. French is Assistant Chief Counsel with ICI Global, where she advocates on global policy issues impacting regulated funds and their asset managers and investors. Among other responsibilities, she leads ICI’s efforts related to policymaking activity around sustainable investing.

Before joining the Institute in 2015, Ms. French was an Associate at Vedder Price PC, where she represented investment companies, investment advisers, and mutual fund independent directors. From 2010 to 2013, she served as an attorney for the U.S. Securities and Exchange Commission in the Division of Enforcement. Before practicing law, Ms. French held various positions at T. Rowe Price in operations, compliance, and legal.

Ms. French graduated from the University of Baltimore School of Law, summa cum laude, and received a BA from the University of Maryland, College Park.

Lori A. Martin is partner in the Securities and Litigation/Controversy departments of WilmerHale, where she is resident in the New York office. She handles regulatory proceedings and litigation on behalf of investment advisers, open and closed-end investment companies, hedge funds, and broker dealers offering investment advisory services. She was selected as the “Mutual Funds Law Lawyer of the Year” in the New York area by The Best Lawyers in America® in 2014 and 2020. Prior to joining WilmerHale, she was First Vice President and Assistant General Counsel of Merrill Lynch Investment Managers.

Her publications include: “Litigation Under the Investment Company Act of 1940,” Vol. 2, Chapter 26 Mutual Fund Regulation (Practicing Law Institute, 2017) (Clifford E. Kirsch, ed.); “Supreme Court Endorses Gartenberg, But It's Not the Same Old Standard,” WilmerHale Client Alert (April 5, 2010) (with Matthew A. Chambers); “Enforcement Trends and Themes,” Investment Management Institute (Practicing Law Institute, 2007-2019); “State Regulators and the Mutual Fund Industry,” 39 The Review o/Securities & Commodities Regulation 219 (Nov. 15, 2006) (with Cristina Alger); and “Emails and the Recordkeeping Obligations of Investment Advisers,” 12 The Investment Lawyer 16 (February 2005).

Ms. Martin's recent speeches include: "Investment Management: Enforcement and Litigation Trends," panel presentation at the Investment Management Institute 2019 conference, sponsored by the Practising Law Institute (New York, New York) (March 22, 2019) ; “Excessive Fee Litigation, Contract Renewal and Share Class Developments,” panel presentation at the PLI Basics of Mutual Funds and Other Registered Investment Companies 2018 conference (New York, New York) (May 14, 2018); “Investment Management:  Enforcement and Litigation Trends,” panel presentation at the PLI Investment Management Institute 2018 conference (New York, New York) (April 30, 2018); “Key Legal and Regulatory Issues:  Asset Management,” panel presentation at the SIFMA Compliance & Legal Regional Seminar (Boston, Massachusetts) (June 7, 2017); and “Valuation Issues, SEC Examinations & Enforcement Actions,” panel presentation on a webinar co-sponsored by Deloitte & WilmerHale (June 19, 2013).

Ms. Martin graduated with honors from the University of Chicago School of Law in 1988, where she was a member of the University of Chicago Law Review. She graduated with honors from Wellesley College in 1985.

Maria Gattuso has over 25 years of experience in financial services and leads Deloitte’s Financial Services Regulatory Remediation practice.  She focuses on regulatory and compliance matters for Deloitte’s investment management and wealth clients including investment advisers, wealth managers, broker dealers, mutual fund complexes, BDCs, hedge funds, and private equity funds. Representative engagements include large scale remediation projects involving forensic and data analysis, calculating investor harm, rule implementation (including Reg BI, DOL and the mutual fund liquidity rule) and performing gap analyses against regulatory requirements and controls assessments, including in connection with SEC enforcement actions and deficiency letters and FINRA investigations.  She has also assisted clients with assessing legal and compliance departments for efficiencies and modernization, impact analyses of structuring alternatives around different operating models, mock exams and regulatory analytics.

Over her 25-year career, Maria has acquired extensive experience on a broad range of issues and transactions affecting clients in the investment management industry. In her prior role as outside counsel, she has significant experience advising on the creation and operation of open end and closed end funds, ETFs, business development companies, hedge funds, managed account platforms as well as on transactional matters such as fund mergers, fund adoptions and adviser acquisitions. She has advised clients on a broad range of topics, including with respect to regulatory, compliance and fund governance matters, structuring alternatives, new product development and alternative fund structures (including registered and unregistered master/feeder and fund-of-funds structures and BDCs), status issues and obtaining exemptive relief and no-action relief.

Maria serves as a co-chairperson of the 100 women in hedge fundsTM Legal Peer Advisory Group and has co-chaired the Women’s Investment Management Forum.  She has served as an adjunct professor of law of Georgetown University Law Center, where she has taught classes on investment management law.

Maria regularly participates in conference panels, including those sponsored by the Investment Company Institute, NICSA and Practicing Law Institute regarding important issues affecting the asset management industry.  Topics presented on have included compliance related matters, Regulation Best Interest, the DOL Fiduciary Rule, Mutual Fund Modernization, Liquidity Rule, Pay-to-Play regulations, registration requirements for investment advisers, registered closed end funds and business development companies.

Maria is fluent in Spanish.

Prior Experience

Prior to joining Deloitte in 2015, Ms. Gattuso was most recently a partner at Willkie Farr & Gallagher LLP. Prior to that, she was a partner at Shearman & Sterling LLP.


  • University of Pennsylvania JD, 1994
  • State University of New York at Stony Brook BA, 1990

    Paul F. Roye is a senior vice president and senior counsel of the Fund Business Management Group of Capital Research and Management Company ("Capital Research"); director of Capital Research; member of Capital Research Executive Committee; vice chairman and trustee of the Capital Group Private Client Services Funds, Capital Group Emerging Markets Total Opportunities Fund and Emerging Markets Growth Fund, Inc.; executive vice president, principal executive officer and trustee of Washington Mutual Investors Fund; executive vice president and principal executive officer of Growth Fund of America, American Funds Fundamental Investors and SMALLCAP World Fund; and senior vice president of American Balanced Fund, The Income Fund of America and Investment Company of America.

    Prior to joining Capital Research in 2005, he was Director of the Division of lnvestment Management for the U.S. Securities and Exchange Commission, where he worked for three SEC Chairman and was among the most senior financial services regulators in the United States, with principal oversight for the investment management industry and public utility holding companies. During his tenure, he received the Chairman's Award of Excellence, the highest honor that can be bestowed upon an SEC staff member. Prior to becoming director, he was a member of the Washington office of the law firm of Dechert, where he was a partner in the firm's Financial Services, lnvestment Management and Corporate Securities Practice Group, specializing in the area of institutional investor law. His practice involved providing advice and assistance to a wide variety of domestic and foreign investment companies, as well as investment advisers, broker-dealers, banks and insurance companies.

    Paul holds a J.D. from the University of Michigan Law School at Ann Arbor, where he was Note and Comment Editor of the University of Michigan Journal of Law Reform. He also holds an A.B., cum laude, from Dartmouth College in Hanover, New Hampshire. Paul serves on the Investor Issues Committee of the Financial Industry Regulatory Authority and on the Board of Directors of the Association of Securities and Exchange Commission Alumni and Friends of the Legal Resources Centre of South Africa. He also serves on the Executive Council of the Federal Bar Association.

    Paul is admitted to practice law in the District of Columbia and is a member of the District of Columbia Bar Association.

    Peter Driscoll was named Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) in October 2017, after serving as Acting Director since January 2017.

    Before that, he served as OCIE’s first Chief Risk and Strategy Officer since March 2016, and was previously OCIE’s Managing Executive from 2013 through February 2016.

    He joined the Agency in 2001 as a staff attorney in the Division of Enforcement in the Chicago Regional Office and was later a Branch Chief and Assistant Regional Director in OCIE’s Investment Adviser and Investment Company examination program.

    Prior to the Agency, Mr. Driscoll began his career with Ernst & Young LLP and held several accounting positions in private industry. He received his B.S. in Accounting and law degree from St. Louis University. He is licensed as a certified public accountant and is a member of the Missouri Bar Association.

    Sarah A. Bessin joined the Investment Company Institute in 2011, and is Associate General Counsel.  Previously, she was Assistant Director of the Office of Investment Adviser Regulation in the U.S. Securities and Exchange Commission’s Division of Investment Management.  She also served in other roles during her more than ten years at the SEC, including Assistant Chief Counsel in the Division of Enforcement, in which she served as an investment management specialist for the Division, and Special Counsel in the Division of Investment Management’s Office of Chief Counsel.  Sarah also spent more than five years in private practice at Shearman & Sterling LLP, advising financial services clients on a wide variety of regulatory, transactional, and compliance matters.  Sarah received her B.A. from the University of Michigan and her J.D., cum laude, from the University of Michigan Law School.

    Sean M. Murphy, a partner in the New York office of Milbank LLP and a member of the firm’s Litigation & Arbitration Group, is a trusted advisor to some of the largest financial institutions in the country. He is known for successfully defending clients in complex securities cases involving multi-jurisdictional class action and derivative litigation under state and federal securities laws, including claims under the Securities

    Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of1940. He has extensive experience representing investment advisers and mutual fund boards in litigation and regulatory investigations. And he represents clients in regulatory and enforcement proceedings before the SEC, CFTC, FINRA and state regulators.

    Mr. Murphy’s formidable and highly respected defense practice includes the representation of Citibank, Merrill Lynch, Fidelity, Capital Group, AllianceBernstein, American Century, Dodge & Cox, Dreyfus, Federated Investors, First Trust Advisers, Great West Financial, the Hartford, Legg Mason, AXA, Neuberger Berman, Prudential, Putnam, Royal Bank of Canada, Russell Investments, Salomon Smith Barney, Voya Investments and Waddell & Reed among others.

    He has earned recognition in Chambers, American Lawyer, Benchmark Litigation and Legal 500 for defending clients in some of their most sensitive business matters. Specifically, the directories, which rely heavily on client feedback, have honored Mr. Murphy among the “Top 100 trial lawyers in America,” the “Fab Fifty” list of the top 50 litigators in the country, and he has been identified as one of the leading lawyers for shareholder litigation anywhere in the nation. Mr. Murphy can be reached at

    Stephanie R. Breslow is co-head of the Investment Management Group and a member of the firm’s Executive Committee. She maintains a diverse practice that includes liquid funds, private equity funds and the structuring of investment management businesses. She focuses her practice on the formation of private equity funds (including LBO, mezzanine, distressed, real estate, litigation finance and venture) and liquid-securities funds (including hedge funds, hybrid funds, credit funds and activist funds) as well as providing regulatory advice to investment managers. She also represents fund sponsors and institutional investors in connection with seed-capital investments in fund managers and acquisitions of interests in investment management businesses and funds of funds and other institutional investors in connection with their investment activities, including blockchain technology and virtual currency offerings and transactions.

    Recently serving as chair of the Private Investment Funds Subcommittee of the International Bar Association, Stephanie is a founding member and former chair of the Private Investment Fund Forum, a member of the Advisory Board of former Third Way Capital Markets Initiative, a former member of the Board of Directors and current member of 100 Women in Finance, a member of the Board of Visitors of Columbia Law School and a member of the Board of Directors of the Girl Scouts of Greater New York. Stephanie has received the highest industry honors. She was named to the inaugural Legal 500 US Hall of Fame in the category of “Investment Fund Formation and Management: Alternative/Hedge Funds.” Stephanie is also listed in Chambers USA: America’s Leading Lawyers, Chambers Global: The World’s Leading Lawyers, Crain’s Notable Women in Law, IFLR1000, Best Lawyers in America, Who’s Who Legal: The International Who’s Who of Business Lawyers (which ranked her one of the world’s “Top Ten Private Equity Lawyers”), Who’s Who Legal: The International Who’s Who of Private Funds Lawyers (which ranked her at the top of the world’s “Most Highly Regarded Individuals” list), Who’s Who Legal: Thought Leaders: Global Elite, Who’s Who Legal: Thought Leaders: Private Funds, Expert Guide to the Best of the Best USA, Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers, Expert Guide to the World’s Leading Women in Business Law and PLC Cross-border Private Equity Handbook, among other leading directories. Stephanie was named the “Private Funds Lawyer of the Year” at the Who’s Who Legal Awards 2014 and the Euromoney Legal Media Group’s “Best in Investment Funds” and “Outstanding Practitioner,” both at the Americas Women in Business Law Awards. She is also recognized as one of The Hedge Fund Journal’s 50 Leading Women in Hedge Funds and was named one of the 2012 Women of Distinction by the Girl Scouts of Greater New York. Stephanie’s representation of leading private investment funds has won numerous awards, including most recently Law360’s Asset Management Practice Group of the Year. She is a much sought-after speaker on fund formation and operation and compliance issues, and she regularly publishes articles on the latest trends in these areas. Stephanie co-authored Private Equity Funds: Formation and Operation (Practising Law Institute), co-authored Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press), contributed a chapter on “Hedge Fund Investment in Private Equity” for inclusion in PLC Cross-border Private Equity Handbook 2005/06 (Practical Law Company), contributed a chapter on “Advisers to Private Equity Funds — Practical Compliance Considerations” for Mutual Funds and Exchange Traded Funds Regulation, Volume 2 (Practising Law Institute), and wrote New York and Delaware Business Entities: Choice, Formation, Operation, Financing and Acquisitions (West) and New York Limited Liability Companies: A Guide to Law and Practice (West).

    Stephanie received her J.D. from Columbia Law School and her B.A., cum laude, from Harvard University.

    Jennifer A. Duggins, IACCP® is Assistant Director and Co-Head of the Private Funds Unit within the SEC’s Office of Compliance Inspections and Examinations.  Prior to joining the SEC, Jennifer was a Director in Regulatory Risk Consulting within the Advisory Practice of KPMG. Prior to joining KPMG, Jennifer was Senior Vice President and Chief Compliance Officer of Chilton Investment Company.  Prior to Chilton, Jennifer was Vice President, Legal and Compliance at Andor Capital Management.  Jennifer has served as a Faculty Member and Director of the Board of the National Society of Compliance Professionals (NSCP) and served as a CCO Roundtable Steering Committee Member with the Managed Funds Association during 2009 and 2010.  Jennifer received the Shannon Ayers Examination Award of Excellence in 2016 as part of the PFU for significant contributions to the SEC’s efforts to enhance compliance and protect investors and the SEC’s 2019 Information Technology Innovations Award.  Jennifer has a B.A. in History from New York University and a M.S. in Human Resource Management from Sacred Heart University John F. Welch College of Business.  Jennifer is also an Investment Adviser Certified Compliance Professional, IACCP® and a FINRA Certified Regulatory and Compliance Professional, CRCP®

    Anthony S. Kelly focuses his practice on trial, investigations and securities litigation, with an emphasis on matters concerning the asset management industry. As a former co-chief of the Enforcement Division’s Asset Management Unit at the U.S. Securities and Exchange Commission, Mr. Kelly has a thorough background in supervising investigations of misconduct by investment advisers and service providers to mutual funds, ETFs, hedge funds, private equity funds and other investment products. In recognition of his SEC service, he was awarded the Chairman’s Award for Excellence and the Ellen B. Ross Award, which acknowledge his exemplary commitment and performance in enforcing the federal securities laws.

    During his time at the SEC, Mr. Kelly oversaw investigations and enforcement actions covering a wide range of asset management-related issues, including fund valuation, fund distribution and 12b-1 fees, conflicts of interest, fund governance, trading away and best execution, trade allocation, cross trading and principal transactions, investment adviser and broker-dealer registration, and whistleblower retaliation.

    He also has extensive experience in parallel criminal and SEC investigations and insider trading investigations. He investigated a large-scale insider trading ring involving hedge fund traders and other industry professionals, as well as a serial insider trading scheme involving an investment banker and private equity firm associate. 

    Mr. Kelly has spoken at numerous industry and regulatory conferences, hosted by organizations such as the Investment Adviser Association, Investment Company Institute, Managed Funds Association, Mutual Fund Directors Forum, PLI, NYU Program on Corporate Compliance and Enforcement, and American Bar Association.


    • The George Washington University, B.B.A., Finance, 1999, summa cum laude
    •  Georgetown University Law Center, J.D., 2004