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Investment Management Institute 2012


Speaker(s): Barry P. Barbash, Bruce Karpati, Cathy Heron, Eileen P. Rominger, Elizabeth R. Krentzman, J. Bradley Bennett, Karrie McMillan, Lori A. Martin, Melanie Nussdorf, Michael S. Sackheim, Norm Champ, Paul F. Roye, Paul N. Roth, Philip L. Kirstein, Robert G Zack, Sean M. Murphy, Susan C. Ervin, Timothy D. Hauser, Tram N. Nguyen
Recorded on: Feb. 9, 2012
PLI Program #: 34302

Eileen Rominger joined the U.S. Securities and Exchange Commission as the Director of the Division of Investment Management in February 2011. The Division is responsible for developing regulatory policy and administering the federal securities laws applicable to investment advisers and funds. Prior to becoming the Director, Ms. Rominger had a 30-year career in portfolio management, most recently as Chief Investment Officer at Goldman Sachs Asset Management where she had responsibility for oversight of portfolio management teams. Prior to that, she was at Oppenheimer Capital for 18 years, and held roles in portfolio management and as an Executive Committee member. Ms. Rominger holds an MBA in Finance from The Wharton School, University of Pennsylvania, and a BA from Fairfield University.


Robert G. Zack is Executive Vice President and General Counsel of OppenheimerFunds, Inc., directing the firm's legal department. He has been associated with OppenheimerFunds for over 28 years. Prior to becoming General Counsel, his responsibilities at OppenheimerFunds included oversight of advertising compliance, registration statements, portfolio securities matters, human resources legal matters, compliance training, litigation management and legislative affairs. He is a member of the Investment Company Institute's Rules Committee, the FINRA Investment Companies Committee and previously chaired and was a member of SIFMA's Investment Companies Committee. Prior to joining OppenheimerFunds, he was an attorney in private practice with law firms in New York City. He received his B.A. from Yale University and his J.D. from the University of Virginia School of Law.


 

Areas of Practice

  • ERISA, Labor & Employment
  • ERISA/
    Employee Benefits/
    Litigation/
    Executive Compensation
  • Employee Benefits/
    ERISA/
    Executive Compensation
  • Tax
  • Congressional Oversight & Investigations

     

    Education

  • New York University School of Law, J.D., 1973
  • University of Pennsylvania, B.A., 1970

     

    Bar & Court Admissions

  • District of Columbia

 

Melanie Nussdorf is a partner in the Washington office of Steptoe, where she is a member of the Tax and Employee Benefits groups.

Her practice spans the entire range of employee benefits, from the tax-based rules for qualified pension plans, to fiduciary issues, welfare benefits, and plan termination. Ms. Nussdorf's particular focus over the last several years has been fiduciary issues, including prohibited transaction exemption questions under ERISA, especially in connection with financial products and services. Ms. Nussdorf represents a number of financial institutions including major banks, investment advisers,brokerage firms, and insurance companies. In addition, she has particular experience in all aspects of the plan termination process, including issues of employer liability for poorly funded plans terminating in or outside of a bankruptcy proceeding. She has done substantial work on ERISA issues relating to hedge funds and private equity vehicles. She also has substantial experience with the exemption and advisory opinion process under ERISA and has worked extensively on legislative issues related to ERISA.

Ms. Nussdorf was counsel for age and sex discrimination at the Department of Labor prior to serving as Executive Assistant to the Solicitor of Labor from 1977-81. During this period, she had significant oversight responsibility for the department's legal work under ERISA. From 1981-84, she served as Special Counsel at the Pension Benefit Guaranty Corporation.

Noteworthy

  • Listed in Best Lawyers in America 1995-2014 for Employee Benefits(ERISA)Law and ERISA Litigation
  • Received Star Individual Rating for DC: Employee Benefits & Executive Compensation in Chambers USA: America’s Leading Business Lawyers 2011-2013
  • Ranked #1 for Nationwide: Employee Benefits & Executive CompensationinChambers USA: America’s Leading Business Lawyers 2011-2013
  • Ranked #1 for DC: Employee Benefits & Executive Compensation and Nationwide: Employee Benefits & Executive Compensation inChambers USA: America’s Leading Business Lawyers 2004-2013
  • Recommended as a Leading Lawyer for Labor & Employment: Employee Benefits & Executive Compensation by Legal 500 US 2009, 2013
  • Recommended for Labor & Employment: Employee Benefits& Executive Compensation by Legal 500 US 2012
  • Recommended for Tax: Employee Benefits & Executive Compensationby Legal 500 US 2011
  • Listedin Washington, DCSuper Lawyers 2007-2013
  • Listed in Lawdragon 3000 Leading Lawyers in America 2011
  • Listed as International Law Office Client Choice Award Guide 2010 winner for USEmployment and Labor 2010

 

Select Seminars & Events

“Other Regulatory Regimes Affecting the Investment Management Industry,” PLI’s Investment Management Institute 2013

"Pension Plan Investment: Current Perspectives," Practising Law Institute's Conference, April 5, 2011

"ERISA Fiduciary Basics," Practising Law Institute's Conference, February 23, 2011

"Investment Management Institute," Practising Law Institute's Conference, February 10, 2011

"CFTC’s Proposed Business Conduct Standards for Swap Dealers: Costs and Consequences to Swap Dealers and Plans," Practising Law Institute's Teleconference, January 25, 2011

"DOL’s Proposed Significant Expansion of the Fiduciary Definition," Practising Law Institute's Teleconference, November 19, 2010

Selected Publications

Expanded Roth Conversion Opportunity for Retirement Plan Participants
January 11, 2013

ERISA Advisory - $36.9 Million Awarded in ERISA Class Action Challenging Investment Selection and Compensation Paid to 401(k) Plan Recordkeeper
May 3, 2012

ERISA Advisory - Department of Labor Releases 408(b)(2) Fee Disclosure Regulations
March 9, 2012

ERISA Advisory - CFTC Announces New Swap Rules
February 2, 2012

ERISA Advisory - Labor Department Issues Final Regulations Addressing Provision of Investment Advice to Participants and Beneficiaries of Self-Directed Individual Account Plans and IRAs
October 31, 2011

ERISA Advisory - Proposed Regulation Redefining Fiduciary
November 5, 2010

ERISA Advisory - ERISA Advisory Council Makes Stable Value Fund Recommendations to Labor Department
November 17, 2009

Melanie Nussdorf Quoted in Pensions & Investments about Revamped Rules for Offering Investment Advice
May 4, 2009

 


Cathy Heron is Senior Vice President, Senior Counsel, Fund Business Management Group, for Capital Research and Management Company, the investment adviser to the American Funds. She has been with Capital Research since 1998.

Cathy has over 30 years of experience in the area of retirement plan regulation.  She formerly headed the Tax, Pension and International Department at the Investment Company Institute ("ICI"), the primary trade association for the mutual fund industry and has worked in the Plan Benefits Security Division of the Solicitor's Office within the Department of Labor ("DOL").  She served for three years on the DOL's ERISA Advisory Council.

Cathy holds an LLM in Taxation from Georgetown University School of Law, a J.D. from Boston University Law School and a B.A. from Wellesley College.


Barry P. Barbash is a co-head of the firm’s Asset Management Group and has been a practitioner in the asset management area for over 35 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 expertise 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 and expertise 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 received a JD from Cornell Law School in 1978, and an AB (summa cum laude) from Bowdoin College in 1975.

Selected Significant Matters

  • Serves as independent counsel to three mutual fund boards.
  • Served as independent counsel to the independent directors of a non-U.S. investment company having substantial investments in the securities of Puerto Rico issuers.
  • Lead partner in serving as legal counsel to numerous investment advisers of major U.S. mutual fund complexes and private funds.
  • Successful representation of numerous clients before the SEC in connection with examinations and potential enforcements actions.


Elizabeth Krentzman serves as Deloitte’s U.S. mutual fund leader where she oversees national development and delivery of mutual fund strategies across audit, tax, financial advisory and consulting to mutual fund complexes, boards of directors and service providers.

Elizabeth has over 25 years of experience in the asset management industry, including as former General Counsel to the Investment Company Institute (ICI).  During her tenure at the ICI, she was recognized by Compliance Reporter as “Lobbyist of the Year” in connection with her regulatory efforts.  Before joining the ICI, Elizabeth spent seven years at Deloitte & Touche where she led the investment management regulatory services group for the Financial Regulatory Consulting practice. Elizabeth also formerly served as an Assistant Director in the U.S. Securities and Exchange Commission’s Division of Investment Management, where she was responsible for rules involving investment company reporting and investment adviser registration and disclosure obligations.  Elizabeth began her career with the law firm of Ropes & Gray, where she handled regulatory and compliance matters for investment companies, their advisers and directors. 

Elizabeth serves on the editorial board of The Investment Lawyer, is a published author and speaks at numerous conferences in the United States and around the world.  She is also a member of the Advisory Board of the SEC Historical Society.  Elizabeth is a member of the District of Columbia and Florida Bar Associations and is a former chair of the District of Columbia Bar Investment Management Subcommittee.  She received her BA and JD degrees from the University of Florida and served on the University of Florida Law Review.


J. Bradley Bennett, Executive Vice President, is responsible for FINRA’s Department of Enforcement. In this capacity, Mr. Bennett directs investigating and bringing all formal disciplinary actions against firms and associated persons for violations of FINRA rules and federal securities laws.

Mr. Bennett received his undergraduate degree from St. Lawrence University and his J.D. from Georgetown University Law Center.

He started his career at the SEC as a senior attorney in the Division of Enforcement focusing on cases of all facets of securities law, including accounting, broker-dealer regulation, tender offers and insider trading.


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.


Mr. Paul N. Roth
Founding Partner
Schulte Roth & Zabel LLP

Paul N. Roth is a founding partner of the firm and chair of the Investment Management Group. Throughout his career, Paul has acted as counsel to leading public and private companies in financial services and to their boards of directors. His extensive private investment funds practice, an area in which he has more than 45 years of experience, includes the representation of hedge funds, private equity funds, offshore funds, investment advisers and broker-dealers in connection with fund formations and compliance, securities regulation, mergers and acquisitions (domestic and cross-border) and other financial transactions. Considered the “dean of the hedge fund bar,” Paul serves as a special adviser to the Board of Directors of the Managed Funds Association (MFA) and as an adviser to the Alternative Investment Management Association (AIMA) and is a former member of the Legal Advisory Board to the National Association of Securities Dealers (NASD). He chairs the Subcommittee on Hedge Funds of the American Bar Association’s Committee on Federal Securities Regulation and is a former chair of the New York City Bar Association’s Committee on Securities Regulation.

Paul has been recognized as a leading funds lawyer by The Best Lawyers in America. The publication recently named him New York City Private Funds/Hedge Funds Law Lawyer of the Year. He also continues to be recognized by Chambers Global, Chambers USA, The Legal 500 United States, IFLR Best of the Best USA Investment Funds), IFLR Guide to the World’s Leading Investment Funds Lawyers, IFLR Guide to the World’s Leading Private Equity Lawyers, IFLR Guide to the World’s Leading Capital Markets Lawyers,The International Who’s Who of Private Funds Lawyers, Lawdragon 500 Leading Lawyers in America, PLC Cross-border Investment Funds Handbook, Who’s Who in American Law, and Who’s Who in America. He received a Lifetime Achievement Award from Hedge Funds Care in recognition of his prominence in the hedge funds industry and his extraordinary commitment to philanthropy. He was named to HFMWeek’s 2010 list of the 50 most influential people in hedge funds. Paul is a lecturer at the University of Pennsylvania’s Wharton School, where he currently teaches “Responsibility in Professional Services.” He is also an Adjunct Professor of Finance at NYU Stern School of Business, where he taught “Managing Financial Businesses” during Fall 2011 and Fall 2012, and an Adjunct Professor of Law at NYU School of Law, where he is teaching “Law and Business of Financial Institutions.” Paul graduated magna cum laude from Harvard College, cum laude from Harvard Law School and was awarded a Fulbright Fellowship to study law in The Netherlands. He served on the Advisory Board of Harvard Law School’s Center on Lawyers and the Professional Services Industry and formerly served as president and a trustee of the Harvard Law School Alumni Association of New York City. In addition, he is a member of the Boards of Directors of the NAACP Legal Defense and Educational Fund and the Advisory Board of the RAND Center for Corporate Ethics and Governance, and he is a fellow of the New York Bar Foundation and the Phi Beta Kappa Society.


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.


Sean M. Murphy is a partner in the New York office of Milbank, Tweed, Hadley & McCloy and a member of the firm’s Litigation & Arbitration Group. Prior to joining Milbank in 2004, Mr. Murphy was a partner in the New York office of Clifford Chance LLP, where he was a member of that firm’s Securities Litigation practice group.

Mr. Murphy’s practice focuses on complex securities matters. He has defended dozens of companies and financial institutions in 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 of 1940. He has extensive experience representing investment advisers and mutual fund boards in litigation and regulatory investigations involving management fees, revenue sharing, conflicts of interest, prospectus disclosure, distribution and trading, ERISA prohibited transactions, portfolio mismanagement, Rule 12b-1, board oversight and fiduciary duty litigation. He represents clients in regulatory and enforcement proceedings before the SEC, CFTC, FINRA and state regulators.

Mr. Murphy has represented some of the largest financial institutions in the country and has extensive experience trying securities cases, including multi-billion dollar cases.

Recognition

  • The American Lawyer’s “Fab Fifty” under the age of 45
  • Benchmark Litigation, “Top 100 Trial Lawyers in America” (2017-2018
  • The Lawdragon 500 Leading Lawyers in America
  • Legal 500: “one of the best young lawyers for securities shareholder litigation, anywhere in the country.”
  • Lawdragon: “100 Lawyers You Need to Know in Securities Litigation”
  • The Lawdragon 500 New Stars, New Worlds
  • Mr. Murphy also has been consistently recognized as a leading securities lawyer in Chambers USA, Benchmark Litigation and New York Super Lawyers.

Mr. Murphy has spoken on dozens of panels about complex litigation and regulatory issues, and has written a number of articles. He also co-authored portions of the textbooks titled Practice Before the Judicial Panel on Multi-District Litigation and Litigating Securities Class Actions. Mr. Murphy received his B.A. from St. Lawrence University, and his J.D. from Albany Law School-Union University.


Tram N. Nguyen is a partner in the Investment Management practice of Paul Hastings. Ms. Nguyen represents hedge funds, private equity funds, and other private funds on all aspects of fund formation, fund structuring and capital raising. She has experience representing asset managers in structuring hedge fund-linked notes and customized single-investor funds. Ms. Nguyen also advises financial institutions and investment advisers on U.S. regulatory requirements, including registration and reporting requirements.  Prior to joining Paul Hastings, Ms. Nguyen was a partner at a U.S. firm and was the Branch Chief of the Private  Funds Branch at the SEC Division of Investment Management in Washington, D.C. At the SEC, she worked on developing and implementing rules for hedge fund and private equity fund advisers under the Dodd-Frank Act and the JOBS Act.


Norm Champ is a partner in the New York office of Kirkland & Ellis LLP. Norm is a member of the Investment Funds Group. Previously, Norm was the director of the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC).

Norm’s book, Going Public, about his experiences at the SEC is due out from McGraw-Hill in 2017.

While at the SEC, Norm played a key role in the SEC’s completion of landmark reforms in 2014 to strengthen the $3 trillion money market fund industry, and led important structural and policy changes. He was the leader of interactions with the Financial Stability Oversight Council as the Council turned its attention to whether asset management firms are “systemically important.” He also worked on crisis management efforts at securities firms to protect customers of those firms. Norm also headed the creation of Guidance Updates and Senior Level Engagement initiatives created to provide transparency to the industry and to engage with boards and senior management of asset management firms.

Prior to becoming the Director of the Division of Investment Management, he was the Deputy Director of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) and the Associate Regional Director for Examinations in the SEC’s New York Regional Office. In these capacities he supervised SEC examinations of investment advisors, investment companies, broker-dealers, national securities exchanges, credit rating agencies, clearing firms and other market participants.

Norm is one of several members of the SEC’s Division of Investment Management who have recently joined Kirkland’s Investment Funds Group Regulatory Practice. Jamie Walter served as senior counsel in the Private Funds Branch of the Division’s Rulemaking Office. Aaron Schlaphoff was an attorney fellow in the Division’s Rulemaking Office.

Norm is a frequent and seasoned speaker having presented on securities law topics at SEC programs, Princeton University’s Bendheim Center for Finance, the Practicing Law Institute, ICI, SIFMA, MFA, the Saudi Central Bank, the New York City Bar Association, the International Bar Association, the ACA Compliance Group, Financial Times, and others.

He is also a lecturer on investment management law at Harvard Law School.

Mr. Champ has an A.B. in History from Princeton University and a J.D. from Harvard Law School. He was a Fulbright Scholar at King’s College in London where he received his M.A. in War Studies.


Timothy D. Hauser is the Deputy Assistant Secretary for Program Operations of the Employee Benefits Security Administration and as such is the chief operating officer of the Agency. His responsibilities include overseeing EBSA's regulatory, enforcement and reporting activities.

Mr. Hauser joined the Department of Labor in 1991 as a trial attorney for the Plan Benefits Security Division (PBSD), where he represented the Department in federal district court and appellate litigation. From November 2000 until November 2013, Mr. Hauser was the Associate Solicitor of the Division. As the head of PBSD, he was responsible for all of the Department's legal work under ERISA.

Before joining the Department of Labor, Mr. Hauser worked as a trial attorney for six years at Legal Aid of Western Missouri. As a Legal Aid attorney, he represented indigent clients in civil litigation in ten rural counties in Missouri.

Mr. Hauser graduated from Harvard Law School in 1985. He is also a graduate of the University of Illinois.


Bruce Karpati joined KKR in 2014 and serves as KKR’s Global Chief Compliance Officer and Counsel. Prior to joining KKR, he was the Chief Compliance Officer of Prudential Investments, the mutual fund and distribution business of Prudential Financial.  Mr. Karpati was previously the National Chief of the SEC’s Asset Management Unit which he co-founded.  In this role, he supervised a staff of 75 attorneys, industry experts, and other professionals. Mr. Karpati joined the SEC as a staff attorney in 2000, was promoted to Branch Chief in 2002, Assistant Regional Director in 2005, and Co-Chief of the SEC's Asset Management Unit in 2010.  In 2007, he founded the SEC’s Hedge Fund Working Group, a cross-office initiative to combat securities fraud in the hedge fund industry. Mr. Karpati also serves as an adjunct professor at Fordham University Law School. He began his career in private practice at Dechert LLP.  Mr. Karpati earned his JD cum laude from the University at Buffalo Law School, and his Bachelor’s degree cum laude in International Relations from Tufts University.


Michael Sackheim is senior counsel in the New York office of Sidley Austin LLP where he concentrates on derivatives regulatory, transactional and enforcement matters.  Michael is a past Chair of the New York City Bar Derivatives Regulation Committee, and he is the managing editor of Futures & Derivatives Law Report (Thomson Reuters, publ.).  Michael is also the co-editor of a new legal treatise, The Virtual Currency Regulation Review (November 2018, Law Business Research Ltd).


Philip L. Kirstein was the Independent Compliance Officer and Senior Officer to the Boards of the AllianceBernstein U.S. registered investment companies from October 2003 until December 31, 2017. Previously, he was the General Counsel of Merrill Lynch Investment Managers, LP (formerly Merrill Lynch Asset Management) from May 1984 through March 2003 and was Of Counsel to Kirkpatrick & Lockhart LLP from October 2003 until October 2004.

Mr. Kirstein is a member of the New York City Bar Committee on the Investment of Funds and a past Chair of the New York City Bar Committee on Investment Management Regulation. He is also a former member of the American Bar Association Committee on Federal Regulation of Securities, Subcommittee on Investment Companies and Investment Advisers; and a former member of the Executive Committee and Board of Directors of ICI Mutual Insurance Company and the Planning Committee of the Investment Company Institute/Federal Bar Association Mutual Fund Conference.

Mr. Kirstein was a member of the Independent Directors Council Task Force that prepared the Board Oversight of Fund Compliance Report. He is a frequent panelist at conferences regarding investment company legal, compliance and regulatory issues.

Mr. Kirstein is a graduate of the University of North Carolina (Chapel Hill), College of Law, Syracuse University and School of Law, New York University. 

Mr. Kirstein is a former member of the Board of Directors of Cancer Care of New Jersey and a former member of the board of Directors of the Susan G. Komen for the Cure, Central and South Jersey affiliate. He is currently on the Investment Committee of the New York New Jersey Trail Conference, Inc. He retired as a Captain of the United States Naval Reserve. 

 


Susan Chadwick Ervin is a member of the Financial Institutions Group at Davis Polk & Wardwell LLP.  Her practice specializes in advising financial institutions, investment managers, end users and other market participants concerning derivatives transactions.  Prior to joining Davis Polk, Ms. Ervin served as a Senior Derivatives Adviser and Attorney Fellow at the U.S. Securities and Exchange Commission, where she helped develop new regulatory approaches to the derivatives markets and participated in the agency’s development of an implementation program for the Dodd Frank Act.  Previously, Ms. Ervin led the derivatives practice at a major international law firm and served for more than ten years as Deputy Director and Chief Counsel of the Division of Trading and Markets of the Commodity Futures Trading Commission. She is the co-author of Derivatives Regulation, a leading treatise on the subject, has written extensively on derivatives regulatory issues and is a frequent speaker at continuing legal education programs. She is a former chair of the Derivatives and Futures Committee of the American Bar Association and the Futures Committee of the New York City Bar Association.