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Hedge Fund Management 2018


Speaker(s): Alex Scheinman, Andrew N. Siegel, Anthony S. Kelly, Caroline Williams, David L. Zimmerman , Erin Ross, Gregory S. Rowland, Ian Conlon, Jon Frankel, Leor Landa, Mark Polemeni, Matthew Shoenthal, Olga Gutman, Ryan VanGrack, Sarah R. Davidoff
Recorded on: Nov. 15, 2018
PLI Program #: 218997

Mr. Landa is a partner in Davis Polk’s Investment Management/Private Funds Group. He advises a wide range of clients on the development, formation, marketing and operation of private investment funds, including private equity funds, hedge funds, hybrid funds, real estate funds, secondary funds, funds of funds, fund and advisory platforms and asset allocation products. He also regularly provides regulatory and compliance advice to his private fund clients.

He advises fund managers on compensation and profit sharing arrangements. He also advises on structuring and executing private equity, structured equity and public market transactions as well as acquisitions of investment advisers.

Mr. Landa also represents several large institutional investors that invest in private funds.

Representative private fund clients have included Credit Suisse, Avenue Capital, Oaktree Capital, Mudrick Capital, Hitchwood Capital, Perella Weinberg Partners, Reverence Capital, Czech Asset Management, Citadel, Fore Research, Morgan Stanley and J.P. Morgan.


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.


Gregory S. Rowland is a partner in Davis Polk’s Corporate Department, practicing in the Investment Management Group. He focuses on providing transactional, regulatory and compliance advice relating to investment advisers, mutual funds, closed-end funds, business development companies, private equity funds and hedge funds. He devotes a large portion of his practice to the structuring, launch and operation of registered investment companies and hedge funds and to the sales, acquisitions and restructurings of asset management firms.

Mr. Rowland advises financial institutions, technology companies and asset managers in connection with transactional, regulatory and compliance issues concerning digital currency and blockchain activities, including digital currency fund formation. 

In addition, he advises financial institutions, fund sponsors, corporations, employees’ securities companies, and other entities regarding exemptions under the Investment Company Act and Investment Advisers Act.


Ian Conlon is a partner in the Investment Funds Group in Maples’ Dublin office. He has extensive experience in the establishment, operation and regulation of all available fund vehicles in both the UCITS and AIFMD space, with particular focus on alternative investment funds, such as managed account platforms, hedge funds, private equity, fund of funds and real estate structures.

Ian has extensive expertise in the ICAV space, having advised on the first ICAV authorized by the Central Bank and numerous innovative ICAV structures, redomiciliations and conversions to date. Ian has particular experience in the establishment, operation and structuring of property/real estate ICAVs, having acted on many of the largest refinancings of Irish property in the ICAV structure with international financial institutions.

Ian also has significant expertise advising in the areas of derivatives, prime brokerage and securities law.


Mark Polemeni is the Chief Compliance Officer and Chief Regulatory Counsel of Perella Weinberg Partners.  Prior to joining Perella in 2017, Mr. Polemeni was Chief Compliance Officer and Associate General Counsel of Citadel, LLC, an SEC-registered, alternative asset manager. 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. 

Mr. Polemeni 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 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.


Matthew Shoenthal is the General Counsel and Chief Compliance Officer of M Science and has represented the M Science business since 2012, most recently as the General Counsel of ITG Investment Research.  Matt began his legal career at Shearman & Sterling LLP, and, prior to law school, worked in PWC’s global advisory practice.  Matt has a B.S. in Finance from Lehigh University and a J.D. from the Fordham University School of Law.


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.


Sarah R. Davidoff is a partner in the firm’s asset management practice and a co-head of Ropes & Gray’s Client Program. The world’s largest and best-known hedge funds turn to Sarah Davidoff for proactive and strategic counseling on issues relating to the formation, structure and operation of their funds. Sarah is also at the forefront of advising clients on novel hybrid funds that investment firms are increasingly launching that invest in both liquid and illiquid assets.

She has carved out a niche developing first-of-their-kind funds for clients focused on investing in cryptocurrencies. She designs and implements these bespoke investment vehicles, while also navigating the complex, evolving, and often competing regulatory and compliance environment.

Additionally, she has experience with spinouts, reorganizations, asset management M&A transactions, seed arrangements, high net worth access products, structuring internal compensation programs, designing bespoke and hybrid investment vehicles, and launching innovative fund products. Sarah regularly advises clients at the forefront of the constantly evolving regulatory and compliance landscape, is a frequent speaker at conferences, forums and other seminars in the private funds industry, and has contributed to a number of well-known legal publications.

Sarah has received numerous awards and recognition throughout her career for her work on hedge fund and other private investment funds, including being ranked as a leading practitioner in Chambers USA, Chambers Global, Legal 500, Who’s Who Legal and The Best Lawyers in American, among many others. She regularly receives feedback from clients and industry commentators, such as Chambers USA noting that "she delivers nuanced, commercially relevant guidance."

Experience:

Sarah represents some of the world’s most prominent alternative asset managers. Sarah’s recent significant matters include:

  • Advising Dragoneer Investment Group on ongoing issues related to its hybrid hedge fund, private equity funds, investment and co-investment activities, and various tax and compliance matters.
  • Representing a $9 billion asset management firm in a wide range of matters including: guiding its regulatory initiatives, seed investments, asset management M&A transactions, and completing a large secondary sales process, among others.
  • Representing one of the world’s largest asset managers in connection with the full range of hedge fund and private investment fund matters in various jurisdictions worldwide, both in relation to new and existing investments.
  • Representing the seed investors of one of the first hedge funds to invest in a digital currency on all aspects of the fund’s formation and launch, including structuring the fund to address a range of complex and unique tax, regulatory, licensing and other legal issues.

 


Alex Scheinman is the Director of Privacy at ACA Aponix, the cybersecurity and IT risk division of ACA Compliance Group. In this role, Alex oversees ACA Aponix’s data privacy practice by serving the needs of clients across the investment management landscape, including portfolio companies representing a broad of industries such as healthcare, technology and market research.  In particular, Alex has been responsible for the design and delivery of data processing reviews and implementation support for GDPR and other privacy regulations and frameworks impacting his clients.

Prior to ACA, Alex served as a Privacy Manager in EY’s cyber practice. While at EY, Alex was responsible for driving privacy program transformation for multinational clients across various industries.  Alex oversaw multinational privacy gap assessments for Fortune 100 and Fortune 500 companies against regulatory and industry frameworks including the Safe Harbor and Privacy Shield frameworks, GDPR, PIPEDA, HIPAA and COPPA and many other national and regional privacy and data protection frameworks. Earlier in his career, he served as an adjunct professor at George Mason University teaching conflict analysis and resolution.

Alex earned a B.A. in English from the University of Michigan, an M.A. in Literary Theory and Cultural Studies from Carnegie Mellon University, and a Ph.D. in Conflict Analysis and Resolution from George Mason University. 


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.

Admitted in

  • Cayman Islands
  • England and Wales (not practising)

 

Qualifications

  • Honours Degree in Law, University of Cambridge, England.

 

Prior Employment Experience

  • 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.

 

Boards and Associations

Caroline is a member of the Law Society of England and Wales and a frequent speaker at industry events. Her recent engagements include:

  • Women's Alternative Investment Summit 2017 - Fund Finance: Bridging and Beyond, 3 November 2017, New York City, New York.
  • The International Bar Association's 16th Annual International Conference on Private Investment and Funds: Regulatory Enforcement, 9 March 2015, London
  • The International Bar Association’s 14th Annual International Conference on Private Investment Funds: Conflicts and Other Ethical Issues for Fund Counsel, 11 and 12 March 2013, London
  • Practising Law Institute (PLI) – Hedge Funds: Strategies and Structures for an Evolving Marketplace: Hedge Fund Structures, annual seminar in October 2010 and September 2011, 2012, 2013, 2014, 2015, 2016 and 2017 in New York City, New York
  • Practising Law Institute (PLI) - Eleventh Annual Private Equity Forum: U.S. Tax Issues Driving Private Equity Fund Structuring, 12-13 July 2010, New York City, New York
  • Financial Research Associates, LLC (FRA) - Hedge Fund Regulation and Compliance: Investor Concerns: Redemptions, Gates and Side Letters, 2 February 2010, New York City, New York

 

Other Distinctions

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 as a "seasoned practitioner with expertise advising on the formation of large private equity funds for investment in numerous sectors including real estate and mining" in the 2017 Chambers Global Guide.  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".

 

Publications

  • April 2016: "The Truth About Cayman" – Private Equity International
  • 2016: "Mergers and Acquisitions Report 2016 – Cayman Islands" - IFLR
  • October 2014: “New Legislation Modernizes the Law Governing Cayman Islands Funds” – Debevoise & Plimpton Private Equity Report
  • November 2013: Practical Law's "Private Equity in the Cayman Islands: Market and Regulatory Overview"
  • April 2013: "Private Equity Roundtable" – Financier Worldwide
  • May 2012: "The PE Push in Africa" – The Deal magazine
  • April 2012: "Private Equity Roundtable" – Financier Worldwide
  • April 2011: "A Comparison by Practitioners of Delaware and Cayman Islands Limited Partnerships" - Bloomberg Law Reports

 


Mr. Siegel is General Counsel and Chief Compliance Officer of Galaxy Digital LP, a diversified financial services firm dedicated to the digital currency and blockchain sectors.

Prior to Galaxy Digital, Mr. Siegel served in a variety of legal and compliance roles for Perella Weinberg Partners, a financial services firm providing advisory and asset management services to a global client base.  Prior to joining Perella Weinberg, Mr. Siegel was General Counsel and Chief Compliance Officer of Stanfield Capital Partners LLC, an alternative asset manager based in New York. Prior to joining Stanfield, Mr. Siegel served in the law division of Morgan Stanley, initially advising the Mergers and Acquisitions Department. Ultimately, Mr. Siegel was the senior attorney responsible for advising Morgan Stanley Investment Management’s alternative investment funds, including its private equity funds, venture capital funds, hedge funds and fund of funds. Previously in his career, Mr. Siegel was a corporate attorney at Shearman & Sterling where he focused on public and private mergers and acquisitions, private equity transactions and join ventures.

Mr. Siegel is admitted to the Bar of the State of New York and has been designated a Certified Regulatory and Compliance Professional by FINRA.

Mr. Siegel received a Bachelor of Arts in Political Science, magna cum laude, from Tufts University and a Juris Doctor, summa cum laude, from Washington College of Law at American University where he was an editor of The American University Law Review.


Since 2000, Jon Frankel has been counseling emerging and established technology and media companies, as well as venture capitalists and entrepreneurs, on data privacy, protection and security, e-commerce, intellectual property, advertising, marketing, and litigation matters. His clients offer a variety of technology products and services, including social media, connected car technology, online gaming, cloud computing, SaaS, and mobile applications.

Jon assists clients in generating online revenues, protecting their intellectual property, mitigating risks, and adapting their business models to the ever-changing technology laws and best practices. He provides advice on consumer protection and corporate compliance matters, including domestic and international data protection and trans-border data transfers, children’s and educational privacy, online gaming and gambling, behavioral and targeted advertising, online promotions, email and SMS marketing, user-generated content, telemarketing, the Internet of Things, surveillance, credit reports and background checks, electronic contracts and signatures, and location-based data.

Jon also has extensive experience with civil litigation concerning consumer protection, privacy, data security, and marketing disputes. He represents clients in state and federal court proceedings, multi-state attorney general investigations, and before federal and state regulators, including the Federal Trade Commission and Federal Communications Commission.

Prior to joining ZwillGen, Jon was a partner in the Washington, D.C. office of Bingham McCutchen, LLP, where he co-chaired the Privacy and Security Group and was a member of the Telecommunications, Media and Technology group.


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.


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.

Education

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