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Hedge Fund Management 2016


Speaker(s): Caroline Williams, David L. Zimmerman , Edward S. Nadel, Erin Ross, James H.R. Windels, James Steinthal, Janaya Moscony, Jeffrey Wechselblatt, Jennifer A. Duggins, Marc J. Zwillinger, Mark Polemeni, Michael Richardson, Olga Gutman, Todd A. Blanke, Udi Grofman
Recorded on: Sep. 15, 2016
PLI Program #: 150445

Udi Grofman is a partner in the Corporate Department, co-head of the firm’s Private Funds Practice Group and a member of the Investment Management Practice Group. His practice has an emphasis on investment funds, securities law and regulatory compliance.

EXPERIENCE

Udi's experience includes structuring financial services and investment management firms, hedge funds, private equity funds, hybrid funds and funds-of-funds, and scalable platforms for fund sponsors; and structuring and negotiating seed and strategic investments and relationships. Udi represents institutional seeders and has negotiated dozens of seed deals for seed investors and seeded managers. In addition, he regularly advises investment management firms and their principals on regulatory compliance, crisis and risk management, and other operational issues. Udi also represents both buyers and sellers on mergers and acquisitions of investment management firms and has considerable experience in investment management firm reorganizations.

Udi is recognized as a Band 1 investment funds lawyer in Chambers USA. He is also recognized as a leading lawyer in Who's Who Legal- The International Who's Who of Private Funds Lawyers and in The Legal 500. He writes and speaks frequently on the challenges facing hedge funds in today's market. Most recently, Udi was selected among the finest law firm writers of 2016, along with litigation partner Richard A. Rosen, with a Burton Award for their article, "Political Intelligence and U.S. Insider Trading Regulations," published in Bloomberg BNA's Securities Regulation & Law Report.

Udi served as a lecturer for The Interdisciplinary Center-School of Law, School of Business Management, Herzliya, Israel and is a captain (ret.) in the Israel Defense Forces.

Practices

Corporate
Investment Management
Private Equity Transactions

Education

LL.M.,New York University School of Law, 2000

LL.B.,Tel-Aviv University, 1996 magna cum laude

Bar Admissions

New York

Related Resources

Jul 13, 2016 | Publications
SEC Proposes Rules on Business Continuity and Transition Plans for Investment Advisers

Jun 17, 2016 | Publications
SEC Increases “Qualified Client” Net Worth Threshold

Feb 25, 2016 | Events
Udi Grofman to Speak on U.S. Regulatory Trends at Maples Investment Funds Forum

Mar 06, 2016 | Events
Marco Masotti, Udi Grofman, Michael Hong and Amran Hussein to Participate in ABA/IBA

Education

LL.M.,New York University School of Law, 2000

LL.B.,Tel-Aviv University, 1996 magna cum laude

Bar Admissions

New York

Related Resources

Jul 13, 2016 | Publications
SEC Proposes Rules on Business Continuity and Transition Plans for Investment Advisers

Jun 17, 2016 | Publications
SEC Increases “Qualified Client” Net Worth Threshold

Feb 25, 2016 | Events
Udi Grofman to Speak on U.S. Regulatory Trends at Maples Investment Funds Forum

Mar 06, 2016 | Events
Marco Masotti, Udi Grofman, Michael Hong and Amran Hussein to Participate in ABA/IBA International Conference on Private Investment Funds

Jan 11, 2016 | Publications
SEC Announces 2016 Examination Priorities

Dec 21, 2015 | Publications
Annual Privacy Policy Notice Requirement

Nov 23, 2015 | Publications
Private Funds Regulatory Compliance Calendar 2016

Sep 24, 2015 | Publications
FinCEN Proposes AML Regulations for Investment Advisers

Sep 17, 2015 | Publications
OCIE Issues Additional Information on Cybersecurity Examination Initiative

Aug 27, 2015 | Publications
FinCEN Proposes AML Regulations for Investment Advisers

Aug 26, 2015 | Home
General Solicitation and General Advertising

Aug 24, 2015 | Publications
Richard Rosen and Udi Grofman Co-Author Bloomberg BNA Article on Political Intelligence and Insider Trading

Aug 12, 2015 | Publications
SEC Issues Guidance on “General Solicitation or General Advertising”


Caroline Williams is based in Walkers’ Cayman Islands office where she is a partner in the firm’s Global Investment Funds Group and Global Corporate Group. She has a broad private funds practice specialising in both hedge funds and private equity. Caroline has extensive experience advising private equity fund sponsors on the structuring and formation of funds and co-investment and alternative investment vehicles and the completion of transactions undertaken by them.

Caroline has broad experience advising on the sale and purchase of portfolio investments and advising on secondary transactions. Her practice also encompasses advising on initial public offerings, mergers and acquisitions, joint ventures and corporate reorganisations. Caroline acts for leading financial institutions, investment managers, including institutional sponsors of private equity and hedge funds, and also boutique and start up managers.

Caroline trained as a solicitor with Linklaters, London where she remained after qualification in 1996, working in Linklaters’ International Finance Department. Caroline advised there on a wide range of capital markets and structured finance transactions.

Caroline is a member of the Law Society of England and Wales and a frequent speaker at industry events.

Caroline is consistently ranked as a leading lawyer in prominent legal directories, including the Chambers Global Guide, Legal 500, IFLR 1000, International Who’s Who of Private Funds Lawyers and Legal Media Group's Guide to the World's Leading Lawyers. Most recently, Caroline was recognised in the 2019 Chambers Global Guide as a lawyer who clients "choose for big-ticket stuff". She was further described as a "terrific" and a "very dependable lawyer" in the investment funds space and noted as being regarded by fellow practitioners as "very good" and an adviser who is "thoughtful, diligent and careful".  The 2018 Chambers Global Guide noted that "sources describe Caroline Williams as "hugely well respected in the funds market". She has a client-friendly style. She also has plenty of experience and some very considerable relationships with major asset managers".  The 2017 Chambers Global Guide recognizes Caroline as a "seasoned practitioner with expertise in advising on the formation of large private equity funds for investment in numerous sectors". The 2017 International Who's Who of Private Fund Formation Lawyers identified Caroline as a "Thought Leader" and noted that Caroline had been recommended as "one of Cayman's strongest funds lawyers". The 2016 Chambers Global Guide noted that clients "value and respect her advice in relation to complex structuring matters". She was recognised in the 2016 Legal 500 directory as being able to "both advise on complex issues and defuse difficult situations". The 2015 Chambers Global Guide noted that Caroline Williams “has a great personality and is a pleasure to work with – she handles difficult situations very well”. The 2015 edition of the Legal 500 directory recognised Caroline as being "phenomenal" and "incredibly responsive, commercial and knowledgeable" as well as having an "especially strong work ethic".

Qualifications

Honours Degree in Law, University of Cambridge, England



David Zimmerman is a Managing Director and General Counsel and Chief Compliance Officer for Graticule Asset Management Asia (“GAMA”). He leads the GAMA legal and compliance team and advises management on legal and regulatory issues related to the GAMA business. Prior to joining Fortress, Mr. Zimmerman served as Chief Operating Officer, General Counsel and Chief Compliance Officer for QFS Asset Management, L.P., a currency and global macro manager. Prior to QFS, Mr. Zimmerman served as Chief Compliance Officer of Chilton Investments, a long/short equity manager, and before that, as General Counsel of LiveWire Capital, a private equity management group. He began his career at Davis Polk & Wardwell, where he focused on investment management and mergers and acquisitions.

Mr. Zimmerman received a J.D. from Columbia Law School, and a B.A. in History from Yale College.


JANAYA P. MOSCONY, CFA
President, SEC Compliance Consultants

As a former Securities and Exchange Commission ("SEC") regulator, Janaya has significant experience in the examination, implementation and enforcement of securities regulations. Having worked in private practice as a compliance officer and as a consultant, Janaya is able to provide practical guidance to clients to assist in bridging the gap between the regulatory requirements and business needs. Janaya is a recognized industry expert regularly quoted in the financial press, has appeared on industry television such as CNBC, and is a regular speaker at industry conferences including GAIM-Ops.

Prior to incorporating SEC3 in 2003, Janaya served as Vice President of Bank of Hawaii's Asset Management Group where she advised and implemented the bank's regulatory compliance program. Prior to the Bank of Hawaii, Janaya was employed as a regulatory consultant by BISYS Professional Services ("BISYS"), where she managed numerous client engagements for banks, mutual funds, investment advisers and broker-dealers. Prior to BISYS, Janaya worked as an examiner for the Philadelphia District office of the SEC for 5 years where she worked on routine and “for-cause” examinations and enforcement cases on behalf of a broad range of financial entities. She routinely liaised with other regulatory entities including the NASD, NYSE and state regulators. Janaya also led numerous staff training sessions while at the SEC and BISYS.

Janaya received her Chartered Financial Analyst (“CFA”) designation 1999 and she earned a B.A. in Economics and Spanish from Rutgers University in 1995. She is a member of The Forum of Executive Women in Philadelphia and the Women's Investment Management Forum in NYC.


Marc Zwillinger is the founder and managing member of ZwillGen PLLC. Marc counsels on issues related to the laws governing Internet practices, including issues related to the Electronic Communications Privacy Act (“ECPA”), the Foreign Intelligence Surveillance Act (“FISA”), data breach notification, data privacy, and fantasy sports. He also helps Internet Service Providers and other clients with their compliance obligations pertaining to the use and disclosure of customer and subscriber information.

Marc also works with clients who have suffered security breaches in managing the incident response, conducting internal investigations, complying with security breach notification laws, and responding to FTC and state Attorney General inquiries.

In 2008 Marc made history by representing Yahoo! in its litigation with the government over the government’s effort to force Yahoo! to comply with directives issued under the Protect America Act, the precursor to the FISA Amendments Act. In that case, he appeared before the Foreign Intelligence Surveillance Court of Review, and is believed to be the only private lawyer ever to do so. Since then he has continued working on national security and foreign intelligence matters and holds a Top Secret security clearance.

Over the past two years, Marc has represented Internet clients in seven FTC investigations involving data security, data privacy, and advertising practices. He has negotiated settlement agreements with the NY & MD state Attorney General offices, and defended media and Internet companies against privacy class actions brought under ECPA, CFAA, the VPPA and the VRPA.

In both the Chambers USA and Chambers Global guides, Marc is listed as  a leader in the field of Privacy and Data Security law. Prior to founding ZwillGen PLLC, Marc ran the Privacy and Security groups at Sonnenschein Nath and Rosenthal LLP and Kirkland & Ellis LLP. Before that, he spent three years prosecuting cybercrime from the Computer Crime and Intellectual Property Section of the Criminal Division of the Department  of Justice.

Since 2004, Marc has briefed and argued appellate cases before the Court of Appeals for the 1st, 3rd, 5th 7th, 9th, and 11th Circuit Court as well as the Foreign Intelligence Surveillance Courts.

After receiving his J.D. from Harvard Law School, magna cum laude in 1994, Marc clerked for Judge Mark L. Wolf of the United States District Court, District of Massachusetts.

Education

Harvard Law, J.D., 1994, magna cum laude

Tufts University, B.A., 1991, magna cum laude

Prior Experience

Sonnenschein Nath and Rosenthal LLP

Kirkland & Ellis LLP

Department of Justice, Computer Crime and Intellectual Property Section of the Criminal Division

Admitted to Bar

Illinois

District of Columbia


Michael Richardson is a partner in Maples Group's Funds & Investment Management team. He advises a wide range of financial institutions and investment managers on all aspects of the establishment and maintenance of offshore hedge funds, private equity funds and investment fund platforms. Michael also has extensive experience advising on ongoing transactional and restructuring issues relating to offshore investment funds.

Michael joined the Maples Group in 2004 from a law firm in London and was elected as a partner in 2009.  He has spoken at a number of industry events in the Cayman Islands and the US on a wide range of topics.  Michael has been recommended in Chambers and Partners, Legal 500 and IFLR1000.


Olga Gutman is a Partner at Simpson Thacher & Bartlett LLP, where she is a member of the Corporate Department. Olga specializes in hedge funds, private equity funds and investment management matters. She regularly represents sponsors of private equity and hedge funds including AlpInvest, CIFC Corp., Citigroup Alternative Investments, Coatue Management, CVC Credit Partners, Grosvenor Capital Management, Intermediate Capital Group, MatlinPatterson Global Advisers, New Holland Capital, Palladium Equity Partners, Portfolio Advisors, Spring Mountain Capital, Tiger Management and TSG Consumer Partners. She additionally advises clients on strategic investments (including secondary transactions) and M&A transactions executed by asset management firms.

Olga is a frequent lecturer before professional groups on private investment funds. She has been recognized as a leading lawyer in Investment Funds: Hedge Funds by Chambers USA: America’s Leading Lawyers for Business (2008–2017). She was also named a recommended lawyer in The Legal 500 United States and The International Who’s Who of Private Funds Lawyers. Olga received her J.D. in 1997 from Cornell Law School, where she was an Olin Scholar, and her LL.M. in International and Comparative Law in 2001, also from Cornell. She received her B.A., magna cum laude, from Yeshiva University in 1994, receiving the Wall Street Journal Award for Excellence in Economics.


A leader in investment management law, Ed advises clients on issues relating to the structuring, formation, and operation of private investment funds.

Ed provides insight and counsel to hedge funds, private equity funds, real estate funds, loan funds and funds of funds.  He also offers guidance to new and established managers in connection with ongoing operational and compliance matters.  Internally, Ed is a member of the firm’s Investment Management Group and a key contributor to its growth and entrepreneurial culture.

Ed received his J.D. from Columbia University School of Law and was a Harlan Fiske Stone Scholar.  He received his B.S., summa cum laude, from New York University, Stern School of Business.


Mr. Blanke has specialized in trading products throughout his career, covering prime brokerage and both OTC credit and equity derivative products. Mr. Blanke has served as the lead attorney for fixed-income prime brokerage at Bank of America and the senior transactional lawyer responsible for equity prime brokerage and equity financing derivatives products at both Bank of America and BNP Paribas.

Mr. Blanke is an honors graduate of the University of Chicago Law School. He also holds degrees from Cornell University and the University of Wisconsin-Madison. He was formerly associated with Cadwalader, Wickersham & Taft LLP, Bank of America, and was most recently Director and Counsel at BNP Paribas.


Mr. Polemeni is the Chief Compliance Officer and Associate General Counsel of Citadel, LLC.   As Chief Compliance Officer, Mark is head of Citadel Asset Management’s compliance program globally.

Prior to joining Citadel in 2011, Mr. Polemeni was the Chief Legal and Chief Compliance Officer for Odyssey Investment Management.  Previously, he was the Chief Legal and Chief Compliance Officer for Alexandra Investment Management. 

He served as a Steering Committee Member for the Managed Funds Association (MFA)’s Chief Compliance Officer Forum, and was an editor of recent editions of the MFA’s Sound Practices for Hedge Fund Managers.  Mark currently is a committee member of the MFA’s Investment Adviser Steering Committee and a member of the Speaking Faculty of the Regulatory Compliance Association.  

He was named one of the “20 Rising Stars of Compliance” throughout the United States and the United Kingdom in the 2007 edition of Institutional Investor News.

Mr. Polemeni received his B.A. and J.D. from Georgetown University.


Erin Ross is a Partner at Hitchwood Capital Management LP and serves as the firm’s General Counsel and Chief Compliance Officer.  In addition to her legal and compliance responsibilities, Ms. Ross leads the firm’s learning and innovation initiatives and serves on the firm’s clients’ board of directors and advisory committees.  Prior to joining Hitchwood, Ms. Ross served as Managing Director, General Counsel and Chief Compliance Officer at Scout Capital Management, L.L.C. and as General Counsel and Chief Compliance Officer at Watershed Asset Management, L.L.C.  Ms. Ross began her career as a corporate, M&A, and securities attorney at Davis Polk & Wardwell LLP.  She graduated with high honors and high distinction from the University of Michigan, Ann Arbor, with a B.A. in Political Science.  Ms. Ross received her J.D. degree from Columbia University School of Law, where she was named a James Kent Scholar.  She is an active member of the State Bar of California and a registered in-house counsel in the State of New York.


James H.R. Windels is a member of Davis Polk & Wardwell’s Litigation Department. Since joining Davis Polk in 1990 he has had wide experience in a variety of federal and state court commercial litigation matters, international arbitrations, regulatory enforcement proceedings, and internal investigations.

Mr. Windels’ matters include securities cases relating to public offerings and underwritings, sales and trading, asset management, mutual funds, private equity transactions and accounting matters. He has represented companies and accounting firms in internal investigations, bidders and targets in mergers and acquisitions litigation, and financial institutions and manufacturers in federal and state antitrust actions. He has also represented financial institutions and accounting firms in investigations and proceedings before the Securities and Exchange Commission, the Federal Reserve Bank, the Commodity Futures Trading Commission, the New York Stock Exchange, federal and state criminal authorities, and local regulators in Europe and Asia.

Mr. Windels joined Davis Polk in 1990, became a partner in 1997, and served as practice group coordinator of the Litigation Department from 2006-11. He clerked for the Honorable Peter K. Leisure, U.S. District Court for the Southern District of New York, from 1989-90. He is Chair of the Board of Directors of Volunteers of Legal Services and previously served as a member of the Executive Committee of the Association of the Bar of the City of New York and Chair of the Board of Directors of Brooklyn Legal Services Corporation A.


James Steinthal is President, COO and General Counsel of Chilton Investment Company, LLC, a registered investment advisor to several private funds and managed accounts.  Chilton pursues three fundamental long-short equity strategies and has offices in New York, Stamford and London.  Prior to joining Chilton in 2000, Jim was associated with the law firm of Davis Polk & Wardwell for eight years. From 1991 to 1992, Mr. Steinthal clerked for the Honorable Constance Baker Motley of the U.S. District Court for the Southern District of New York. Mr. Steinthal has a B.A. in Economics from Georgetown University and a J.D. from New York University School of Law.


Jeffrey H. Wechselblatt is the General Counsel and Chief Compliance Officer of Lone Pine Capital LLC.  Jeff joined Lone Pine in 2007.  Lone Pine is an investment adviser that advises several long/short and long only private investment funds that invest primarily in publicly traded equities.  Prior to joining Lone Pine, Jeff was an associate at Schulte Roth & Zabel LLP, Friedman Kaplan Seiler & Adelman LLP, and Simpson Thacher & Bartlett LLP.  Jeff is a 1998 graduate of Columbia Law School.


Jennifer A. Duggins, IACCP® is an 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 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®