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Hedge Fund Management 2017

Speaker(s): Caroline Williams, David J. Efron, Edward S. Nadel, Erin Ross, Grant Dixon, Jeffrey H. Wechselblatt, Kevin Tagami, Mark Polemeni, Michael Sholem, Nancy Wang, Ryan VanGrack, Stacey M. Brandenburg, Thomas H. Bell, Todd A. Blanke, Udi Grofman
Recorded on: Sep. 13, 2017
PLI Program #: 180657

Thomas H. Bell is a partner at Simpson Thacher & Bartlett, where he is a member of the firm's corporate department. Mr. Bell specializes in investment management matters and oversees the firm's private funds practice, an area in which the firm has a preeminent international presence, having been chosen as the "Global Private Funds Law Firm of the Year" for 2005, 2006, 2007, 2008 and 2009 by Who's Who Legal. He advises clients globally on organizing and advising a wide range of buyout funds, real estate funds, venture capital funds and other kinds of private equity funds, as well as hedge funds, offshore funds and other kinds of funds for alternative asset categories. He is a frequent lecturer before professional groups on private investment funds of all kinds.

Representative buyout, real estate, venture capital and other private equity clients include Aquiline Capital Partners, Calera Capital, CapGen Financial, The Carlyle Group, Evercore Partners, Ferrer Freeman, The JE Robert Companies, JC Flowers & Co, Morgan Stanley, New Mountain Capital, and Sterling Investment Partners. Representative hedge fund and similar private investment fund clients include Brummer & Partners, ESL Investments, and Zurich Capital Markets.

Mr. Bell joined Simpson Thacher in 1983 and became a partner in 1992. He received his BA summa cum laude from Dartmouth College in 1978, where he was elected Phi Beta Kappa. He received his JD from Yale Law School in 1983, where he was editor of The Yale Law Journal. Mr. Bell is the past chair of the Subcommittee on Specialized Investment Vehicles of the International Bar Association. Mr. Bell is a member of the Subcommittee on Private Investment Entities of the American Bar Association. He is the founder and past co-chair of the International Conference on Private Investment Funds co-sponsored by the IBA and the ABA. Mr. Bell was recently named "Global Private Funds Lawyer of the Year" for 2006 and 2007 by Who's Who Legal.  He received an award for "Outstanding Contribution to the Legal Profession" from Chambers Global in 2007.  He enjoys the highest ranking from Chambers Global, PLC Which Lawyer?, IFLR and The Best Lawyers in America.


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".


Honours Degree in Law, University of Cambridge, England

David J. Efron is a partner with Schulte Roth & Zabel, where he practices in the areas of domestic and offshore hedge funds, including fund formations and restructurings. Additionally, he advises hedge fund managers on structure, compensation and various other matters relating to their management companies, and structures seed-capital and joint venture arrangements. David also represents hedge fund managers in connection with SEC regulatory issues and compliance-related matters.

David is listed in Chambers GlobalChambers USA, Expert Guide to the World’s Leading Banking, Finance and Transactional Law LawyersThe Legal 500 United States and Who’s Who Legal: The International Who’s Who of Private Funds Lawyers. In particular, Chambers Global and Chambers USA noted that David is “an outstanding lawyer, with excellent judgment and the necessary soft touch during the delicate negotiations that occur during a start-up/launch” and that “he is attuned to the business considerations and provides measured, reasoned advice that reflects his deep experience and industry knowledge.” The Legal 500 United States has praised his “superb judgement and deep expertise” and recognized him as “an extraordinarily capable attorney. He has a mastery of the pertinent matters, but he also brings a pragmatic approach.” A published author on subjects relating to investment management, he is a sought-after speaker for hedge fund industry conferences and seminars and a frequent guest lecturer at New York-area law schools and business schools. David received his B.A. from Vassar College, his J.D. from Syracuse University College of Law and an LL.M. degree in securities regulation, with distinction, from Georgetown University Law Center.

Udi Grofman is a partner in the Corporate Department, the head of the firm’s Private Funds Practice Group and a member of the Investment Management Practice Group. Called a “leading light in the fund formation area” by Chambers, his practice focuses on fund formation, strategic advice and crisis management. Clients praise Udi as “one of the smartest and most accomplished” lawyers with a “very rare commercial sensibility.” According to market commentators, Udi “possesses nonpareil legal expertise that crushes that of his counterparts at other firms” and he is a “powerhouse of a funds lawyer [who] works tirelessly to make clients happy.”

Udi’s practice focuses on fund formation along the liquidity spectrum, including hedge funds, credit funds, hybrid funds, private equity funds, real estate funds, venture funds, long-dated funds, permanent capital vehicles and family offices; strategic advice, including seed capital transactions, minority and majority asset manager acquisitions and dispositions, and “upper tier” arrangements; and crisis management, including internal investigations, regulatory examinations, investigations and litigation (in the course of which Udi appears frequently in front of regulators), partner and employee disputes, and investor litigation. 

Some of Udi’s representative clients include Apollo Global ManagementThe Blackstone GroupGSO CapitalHPS Investment Partners, Centerbridge Partners, KKR Credit, 3G CapitalAngel Island Capital, AQR Capital Management, Autonomy Capital, Bridgewater, D1 Capital, Davidson Kempner, Declaration PartnersGlenview CapitalJ.P. Morgan Asset ManagementNew York Life Investments, Nokota Management, PointState CapitalTiger Global Management, Tilden ParkTwo SigmaWafra Inc., Omega Advisors, and some of the country’s largest family offices, among others.

Consistently recognized as a leading practitioner in the industry, Udi is ranked as a Band 1 investment funds lawyer in Chambers USA, a Leading Lawyer in The Legal 500, and one of only a handful of Thought Leaders in Who’s Who Legal and IFLR1000. Udi writes and speaks frequently on the challenges facing hedge funds in today’s market. He 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 is often asked to speak at major industry conferences, including those hosted by the International Bar Association, Practising Law Institute and Maples Investment Funds Forum. Udi also hosts an Annual Hedge Fund General Counsel Forum, which brings together the most prominent legal practitioners in the market to discuss recent trends and developments.

Udi maintains an active pro bono practice, representing not-for-profit interests and individuals, including recently assisting a number of individuals to obtain asylum in the U.S. He currently serves on the Board of Directors for the International Rescue Committee, a global humanitarian aid organization. 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.

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.

Grant advises a global client base and specializes in a broad range of fund products, primarily focusing on venture capital, private equity and hedge funds.  He also has extensive experience across general corporate, financing and commercial matters.

 Grant joined Maples and Calder in 2006 and was elected as a partner in 2013.  He previously worked for Freehills and before that, for Morgan Stanley in Australia.  Grant has been recommended in IFLR1000.

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.

Mr. Sholem is counsel in Davis Polk's Corporate Department, practicing in the London office. His practice focuses on the supervision and regulation of banks, investment firms, insurance companies and asset managers, including in connection with new authorizations, changes of control, corporate governance and regulatory investigations. His practice has also included advising non-financial groups on the impact of new regulation, with a particular focus on market infrastructure.

Mr. Sholem also has extensive experience advising clients on developments in European Union laws, rules and policies affecting financial institutions. He is also frequent commentator and speaker in the market on financial regulatory matters and contributes thought leadership to a wide range of media publications.

Michael’s transactional highlights include:

  • Dai-ichi Life Holdings, Inc. on the $6 billion merger of Janus Capital Group, Inc. and Henderson Group plc and its strategic partnership with the combined group
  • MasterCard Incorporated on its £700 million acquisition of 92.4% of VocaLink Holdings Limited
  • Lightyear Capital LLC and Clarion Partners Holdings LLC on the sale of Clarion Partners to Legg Mason Inc.
  • The government of the United Kingdom on measures taken to stabilize the banking system in 2008 and 2009, and in particular on the recapitalization of Lloyds Banking Group.
  • Deutsche Bank on its settlements with the U.K.'s FCA and the U.S. DOJ, CFTC and New York DFS in relation to global regulatory investigations into the setting of interbank offered benchmark rates.
  • A number of financial and non-financial groups on the impact of the European Market Infrastructure Regulation and the Alternative Investment Fund Managers Directive
  • Banco Santander on an agreement with Warburg Pincus and General Atlantic to boost the global growth of its asset management unit, Santander Asset Management through the creation of a new joint venture
  • Legal and General Assurance Society Limited (LGAS) on the transfer by Nationwide Life Limited to LGAS of approximately 350,000 long-term insurance policies pursuant to a scheme under Part VII of the Financial Services and Markets Act 2000

Nancy is a strategic and business-minded asset management attorney and Chief Compliance Officer with extensive knowledge of U.S. and international regulations and industry experience advising registered investment advisers, registered investment companies, private funds (multi-strategy hedge, private equity, real estate, venture capital and fund of funds), separately managed accounts, co-investments and joint venture partnerships.

Nancy has deep experience in structuring, distributing and managing complex U.S. and cross-border fund formation, governance, transactional and regulatory compliance matters for registered and alternative investment products. Nancy also has strong hands-on expertise in building and managing global legal and compliance teams and programs from the ground up for newly registered advisers as well as remediating and transforming programs for advisers with current deficiencies. Nancy proactively manages and develops teams to implement strategies, processes and controls that mitigate risk and ensure compliance.

Nancy is recognized for practical and value-added advice and the ability to produce results in a fast-paced environment, building positive relationships and cultivating collaboration across functions and geographic locations to exceed business objectives and legal and regulatory requirements.

Nancy is currently Managing Director with Adherence, LLC. She most recently served as the Chief Compliance Officer of Invesco Ltd. Prior to that, Nancy was the Global Chief Compliance Officer and Chief Regulatory Counsel at Tishman Speyer where she strategized, developed, implemented and managed multiple integrated compliance programs for Tishman Speyer’s global offices worldwide. Prior to Tishman Speyer, she was the Deputy Chief Compliance Officer at York Capital Management and practiced law as a corporate associate at Schulte Roth & Zabel LLP. Nancy has degrees from New York University and Rutgers University School of Law.

Stacey Brandenburg advises clients on privacy, data security, and a range of emerging issues such as acquisition and use of alternative data. A veteran of the Federal Trade Commission’s Division of Privacy and Identity Protection (DPIP), Stacey regularly represents companies in FTC and State AG investigations, involving consumer protection laws such as Section 5 of the FTC Act or state UDAP laws, the FTC’s endorsement and testimonial guidelines, and the Children’s Online Privacy Protection Act (“COPPA”).

Stacey also works closely with clients prospectively to develop compliance programs that help them navigate new issues while balancing legal considerations with business needs. For example, she regularly advises on how to make appropriate consumer-facing privacy and advertising- related disclosures. Stacey also actively counsels on the acquisition and use of alternate forms of data, including webscraping, drone, and consumer data.

Stacey is an adjunct at American University’s Washington College of Law, where she teaches about privacy issues raised by new technologies, including social media, big data, wearables, and the constitutional issues relating to government access to information.

After Stacey received her law degree from the NYU School of Law, where she was a Truman Scholar, she clerked for Judge Ronald Buckwalter in the United States District Court for the Eastern District of Pennsylvania. Stacey earned her B.A. in political science at the University of North Carolina at Chapel Hill, where she was a Morehead Scholar.

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.

Ryan VanGrack is Deputy General Counsel at Citadel. Mr. VanGrack previously served at the U.S. Securities and Exchange Commission as Senior Advisor to Chair Mary Jo White, providing counsel on a broad range of regulatory matters, including enforcement strategy, investment adviser examinations, cybersecurity, and FinTech. Prior to his time at the SEC, Mr. VanGrack served in the White House under President Obama as Deputy Associate Counsel, where he oversaw the selection and confirmation of the President’s Cabinet and handled congressional oversight issues. He also worked at the law firm of Williams & Connolly. Mr. VanGrack received a B.A. from Duke University and a J.D. from Harvard Law School.

Jeffrey H. Wechselblatt is the General Counsel 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.

Kevin Tagami is a lawyer and Managing Director of Meritage Group LP.  Previously, Mr. Tagami served as Vice President and Assistant General Counsel at Atticus Capital LP.  Previously Mr. Tagami was also an M&A and Investment Funds counsel at Akin Gump Strauss Hauer & Feld LLP and a corporate associate at Gibson, Dunn & Crutcher LLP.  Mr. Tagami received a B.A. in Political Science from the University of British Columbia and a J.D. from Columbia University School of Law, where he was named a Harlan Fiske Stone Scholar.