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Hedge Fund Management 2018

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

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 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.

Leor Landa is head of Davis Polk’s Investment Management/Private Funds Group. He advises a wide range of clients on the formation and operation of private investment funds, including private equity funds, hedge funds, credit funds, secondary funds, real estate funds, funds of funds and advisory platforms. He also regularly provides regulatory and compliance advice to his private fund clients.

He is widely recognized as a leading adviser for complicated secondary transactions, including sponsor-led secondaries, and he has deep experience advising on acquisitions, dispositions, seeds and spinouts of investment advisers.

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

Representative private fund clients have included Avenue Capital, Mudrick Capital, Enfoca, Graticule Asset Management Asia, RoundTable Healthcare Partners, Hitchwood Capital, Perella Weinberg Partners, Reverence Capital, Czech Asset Management, Morgan Stanley, Credit Suisse and J.P. Morgan.


Chambers USA notes that Mr. Landa has “broad and deep experience across private investment funds of all types,” and “can provide a blended perspective” which “is informed by a range of clients.” Chambers commentators have described Mr. Landa as an “unbelievable attorney in investment management" and "incredibly business-savvy and commercial." One praised: “… he’s one of the leading funds lawyers in the country. I get thorough, expert advice in a timely way whenever I need input.”

Mr. Landa is recognized as a leading fund formation lawyer in various industry publications: Chambers Global; Chambers USA; IFLR’s Guide to the World’s Leading Private Equity Lawyers and the IFLR1000, The Legal 500 U.S.; Who’s Who Legal–International, Who’s Who of Private Funds Lawyers and International Who’s Who of Business Lawyers; Best Lawyers in America and Expert Guides: World’s Leading Private Equity Lawyers; World’s Leading Investment Funds Lawyers and Best of the Best USA.

Of Note


  • Member, Private Investment Funds Forum
  • Former Member, Committee on Private Investment Funds, New York City Bar Association

Professional History

  • Partner, 2005-present
  • Associate, 1998-2005
  • Law Clerk, Hon. Senior Judges' Chambers, District of Columbia Court of Appeals, 1997-1998


  • B.A., Johns Hopkins University, 1994
  • J.D., Columbia Law School, 1997; Harlan Fiske Stone Scholar

Mark Polemeni is Chief Compliance Officer and Chief Regulatory Counsel of Perella Weinberg Partners. In this role, Mr. Polemeni is responsible for overseeing the Firm’s compliance programs globally and is responsible for development, oversight and assessment of PWP’s policies and procedures to ensure compliance with government and industry regulations.

Mr. Polemeni has more than 20 years of compliance experience in the investment industry. Prior to joining PWP in 2017, Mr. Polemeni was Chief Compliance Officer and Associate General Counsel of Citadel, LLC, an SEC-registered investment adviser where he managed its asset management compliance program globally. Prior to joining Citadel in 2011, Mr. Polemeni was the Chief Legal and Chief Compliance Officer for Odyssey Investment Management and earlier for Alexandra Investment Management. Prior to joining Alexandra in 2005, he was a Partner in Epstein Becker & Green, P.C.’s  New York office.

Mr. Polemeni earned a Bachelor of Arts and Juris Doctor from Georgetown University. He is a member of the Speaking Faculty of the Regulatory Compliance Association and serves on the Board of Governors of the Georgetown University Alumni Association. 

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 Apollo Global Management, 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, Pomona Capital, Portfolio Advisors, Tiger Management, CBAM Partners. and Westbrook 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 and is on the faculty of Cornell Law School. She has been recognized as a leading lawyer in Investment Funds: Hedge Funds by Chambers USA: America’s Leading Lawyers for Business. 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.

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. 

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.

With a career spanning more than two decades, Sarah Davidoff is a partner in the asset management group and a co-head of Ropes & Gray’s Client Program. The world’s largest and most prominent US and non-US alternative asset managers turn to Sarah for guidance on issues relating to the formation, fundraising and operation of their private equity funds, growth funds, hybrid funds, credit funds and hedge funds. In Chambers USA, Sarah’s clients have commended her as being “uniquely talented,” praising her ability “to take the legal theory and really put it into practice” and to be “a strategic advisor” that is “incredibly proactive” and able to “mobilize all the capabilities of Ropes & Gray.” As such, Sarah’s clients “very much view her as a critical partner,” recognize that Sarah “universally has the highest regard or her peers” and notice that, “of her competitors, she [is] their top referral.”

Sarah has particular expertise 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’s esteemed client roster and proven track record of making an impact on fund managers, and, more recently her cutting-edge work in advising on cryptocurrencies, demonstrates she is among the top women in the industry. 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.

Honors & Awards

  • Chambers Global: “Leading practitioner in hedge funds” (2009-2021)
  • Chambers USA: “Leading practitioner in hedge funds” (2008-2020)
  • The Hedge Fund Journal, “50 Leading Women in Hedge Funds” (2019)
  • The National Law Journal, “Crytptocurrency, Blockchain and Fintech Trailblazer” (2018)
  • The Best Lawyers in America (2018-2021)
  • Legal 500 (2015-2020)
  • IFLR1000 (2018-2020)
  • Expert Guides’ Guide to the World’s Leading Women in Business Law (2014-2016)
  • US Legal 500: “Leading lawyer in investment fund formation and management” (2009-2014)
  • Who’s Who Legal (2013, 2016)
  • Euromoney's Guide to the World's Leading Women in Business Law (2013)
  • Guide to the World's Leading Investment Funds Lawyers: “Leading investment funds lawyer” (2010)

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.


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