Main Content

Overview

Providing expert counsel to the investment management industry is in Calfee’s DNA, with the firm’s history boasting attorneys who have held the very highest positions at the SEC. Calfee's dedicated Investment Management attorneys provide exceptional service and problem-solving expertise regarding all aspects of the public and private securities markets, including asset management, wealth management, fund formation, transactional, regulatory compliance, and enforcement matters for registered and nonregistered persons.

Calfee’s Investment Management practice is comprehensive, working with a depth and breadth of financial professionals unmatched by most Midwest law firms. Our clients include:

  • Investment Advisers
  • Private Equity and Private Funds
  • ERISA Investment Fiduciaries
  • Family Offices
  • Broker Dealers
  • Dual Registrants
  • Cryptoasset Traders
  • Mutual Fund Trusts
  • FinTech and Robo-Advisers
  • Investment Bankers and Boutiques
  • Venture Capitalists
  • Insurance Companies
  • Investment Companies
  • Corporate Banks

Calfee’s Investment Management lawyers offer expert counsel and support advisers in the development and administration of their compliance programs, including the creation and implementation of written policies and procedures governing all activities of the adviser and any associated funds. Our services include:

  • Manage and direct the effective integration of the Securities Act, Exchange Act, Advisers Act, and the Investment Company Act of 1940 into the firm’s compliance program
  • Direct, enhance, implement, and maintain written policies and procedures governing all compliance activities for the adviser and any associated mutual funds, ETFs, CITs, and private funds to comply with federal and state securities laws
  • Act as the primary compliance liaison for internal and external examiners and assist with matters before the Securities and Exchange Commission, Commodity Futures Trading Commission, Department of Justice, Financial Industry Regulatory Authority, North American Securities Administrators Association, as well as before state Securities commissions, attorneys general, and local authorities
  • Conduct due diligence and monitor activities of sub-advisers, third-party managers, and other relevant service providers
  • Draft, coordinate, and review all legal documents of the adviser, including contracts, fund formation documents, adviser and fund regulatory filings, and other related materials.

The firm’s multidisciplinary team offers a full suite of services to its clients that includes attorneys experienced in navigating securities and general corporate compliance, tax, ERISA, private equity, fund formation, M&A, data privacy and security, insurance, government relations, regulatory enforcement and litigation, and intellectual property.

This advanced level of expertise across all facets of the financial services industry gives Calfee the insight and perspective to help you develop and execute market-leading strategies all while mitigating risk and staying inside the regulatory framework.

Noteworthy

Chambers USA Leading Law Firm Rankings

Calfee has been recognized by Chambers USA as a Leading Law Firm in Investment Funds: Regulatory & Compliance in Band 3 in USA - Nationwide (2024).

Clients interviewed by Chambers USA researchers stated, "The team provides excellent service with a quick response. Calfee has great depth in all areas. The firm's attorneys are very knowledgeable."

Since 2022, Calfee's Investment Management practice Chair and Partner Patrick Hayes has been recognized as a Leading Lawyer in Investment Funds: Regulatory & Compliance by Chambers USA, most recently in Band 2 in USA - Nationwide and in Chambers Global in Band 3 (2024). Clients interviewed by Chambers USA researchers described Patrick Hayes as an attorney who "brings a high level of expertise about the industry, as well as a wealth of experience. Patrick is easy to work with, responsive, personable, practical, and very knowledgeable."

Best Lawyers® “Best Law Firms” Rankings

Calfee was selected for inclusion in the 2025 "Best Law Firms" rankings in the following areas:

  • Corporate Compliance Law (Regional Tier 1 Cincinnati, Regional Tier 2 Cleveland)
  • Corporate Governance Law (Regional Tier 1 Cleveland)
  • Corporate Law (National Tier 1, Regional Tier 1 Cincinnati, Regional Tier 1 Cleveland, Regional Tier 1 Columbus )
  • Leveraged Buyouts and Private Equity Law (National Tier 2, Regional Tier 2 Cincinnati, Regional Tier 2 Cleveland)
  • Securities / Capital Markets Law (National Tier 2, Regional Tier 1 Cincinnati, Regional Tier 1 Cleveland )
  • Securities Regulation (National Tier 1, Regional Tier 1 Cincinnati, Regional Tier 1 Cleveland)
  • Tax Law (Regional Tier 1 Cleveland)
  • Chambers USA 2024 A Firm Badge

Professionals

Experience

Experience

Calfee’s Investment Management team has counseled its investment adviser and broker-dealer clients for decades, from small firms with less than $50 million in assets under management to large institutional managers with hundreds of billions of assets under management and a national and global presence.

Representative Matters

  • Providing legal counsel on securities regulations affecting a large investment advisory firm with $8+ billion in client assets providing customized financial planning and wealth management services to a broad array of high net worth and other clients, and to serve as the firm’s Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing broad support and counsel to our multinational professional services firm client with $100+ billion in AUM in relationship to the firm’s global investment advisory services. As a new matter, Calfee was retained to support the client's ongoing marketing and advertising efforts in relationship to the new SEC Marketing Rule finalized in November 2022. The client engaged Calfee to further support its private fund complex, including a new private credit fund. As part of its services, Calfee works with the lead portfolio managers to identify and review potential fund investments, assist with due diligence, and review the terms of potential investment in the funds.
  • Providing legal counsel on securities regulations affecting an SEC-registered investment adviser client with $25+ billion in AUM that provides asset management for institutional investors and wealth management services for high-net-worth and ultra-high-net-worth individuals. Calfee provides back-office support and expert counsel for the CCO and assists him in directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”). As part of its ongoing services over the last two years, Calfee successfully guided the client through an examination by the SEC’s Division of Examinations ultimately concluding with a “no further action” letter with zero deficiencies noted.
  • Selected to provide legal counsel on securities regulations affecting all aspects of our SEC-registered investment advisor client’s investment advisory business and operations, which has $4+ billion in AUM. Calfee provides back-office support and expert counsel for the Managing Principal and CCO and assists with directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Selected to provide legal counsel on securities regulations affecting an SEC-registered investment adviser with $3+ billion in AUM providing advisory services to both private funds and high-net-worth individuals and to serve as the firm’s Chief Compliance Officer (CCO).
  • Selected to provide legal counsel on securities regulations affecting an SEC-registered investment adviser with $2+ billion in AUM providing advisory services to high-net-worth individuals and institutional investors, and Calfee serves as the firm’s Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing legal counsel on securities regulations affecting an SEC-registered investment adviser with $2+ billion in AUM providing asset management as a 3(21) and 3(38) investment fiduciary for 401k and corporate pension plans subject to ERISA and wealth management services for high-net-worth individuals. Calfee provides back-office support and expert counsel for the CCO and assists him in directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Selected to provide legal counsel on securities regulations affecting all aspects of our client, an SEC dually registered investment adviser and broker-dealer operations with $2+ billion in AUM. Calfee provides support and expert counsel for the CCO and assists in directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”) and FINRA compliance program requirements under FINRA Rule 3120 and the Annual Certification under Rule 3130.
  • Selected to provide legal counsel on securities regulations affecting an SEC-registered investment adviser with approximately $1.5 billion in AUM providing advisory services to high-net-worth individuals and small institutions, and to serve as the firm’s Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”). Calfee successfully assisted the client through an examination by the SEC’s Division of Examinations with the firm’s final response being submitted in 2021.
  • Providing legal counsel on securities regulations affecting the client, an SEC-registered investment advisor and a related family office with a combined total of $1+ billion in AUM and to serve as the firms’ Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”). Calfee manages the following legal/compliance tasks for the client: Internal audits and compliance testing; annual review/risk assessment; third-party due diligence; SEC examinations and communications with regulators; compliance certifications; Code of Ethics issues; directing/executing the firm’s compliance manual; all marketing/advertising review; employee training/education; firm contracts/client agreements review; completing/submitting all regulatory filings, including SEC, FINRA, CFTC, etc. In addition, Calfee was engaged by the client to assist in a total corporate governance restructuring of both advisors and the investment advisory services each firm provides.
  • Providing legal counsel on securities regulations affecting an SEC-registered investment adviser with $700+ million in AUM focused on managing private funds. Calfee provides complete back-office support for the CCO and is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Selected to provide legal counsel on securities regulations affecting an SEC-registered investment adviser with $675+ in AUM providing advisory services to high-net-worth individuals and small institutions, and to serve as the firm’s Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing legal counsel on securities regulations affecting all aspects of our client, a family of SEC-registered investment advisers with $650+ million in AUM. Calfee provides comprehensive back-office support and expert counsel for the CCO and assists in directing and implementing the firms’ compliance programs for all supervised persons, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing legal counsel on securities regulations affecting an SEC-registered investment adviser with $575+ million in AUM focused on managing private funds, and to serve as the firm’s Chief Compliance Officer (CCO). The CCO is responsible for directing and implementing the firm’s compliance program for all supervised persons of the adviser and ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing legal counsel on securities regulations affecting an SEC-registered investment adviser with $570+ million in AUM providing advisory services to high-net-worth individuals and small institutions, and to serve as the firm’s Chief Compliance Officer (CCO). Calfee also successfully counselled the client through an inquiry from the Department of Justice.
  • Providing legal counsel on securities regulations affecting our client, an investment adviser with $250+ million in AUM registered with the SEC focused on managing private funds and to serve as the Chief Compliance Officer. The Chief Compliance Officer is responsible for directing/implementing the firm’s compliance program for all supervised persons of the adviser and ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”).
  • Providing legal counsel on securities regulations affecting an advisory firm with $1+ billion in AUM specializing in comprehensive management of family wealth for ultra-high net worth clients. Calfee provides expert counsel for the CEO and CCO and leads the firm’s fund formation efforts and assists with directing and implementing the firm’s compliance program for all supervised persons of the adviser, ensuring effective compliance with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the “Compliance Rule”). As part of these services, Calfee drafts the governing agreements and disclosure documents for the closed-end and open-end private funds, which the client raises on a regular basis. In addition, Calfee has been engaged to assist the CCO with all of the following legal and compliance tasks: internal audits and compliance testing; annual review/risk assessment; third-party due diligence; SEC examinations and communications with regulators; compliance certifications; Code of Ethics issues; directing/executing the firm’s compliance manual; all marketing/advertising review; employee training/education; firm contracts/client agreements review; completing/submitting all regulatory filings, including SEC, FINRA, CFTC, etc. In completing these services over the past year, Calfee successfully guided the client through an allegation investigated by the state with no formal charges being brought.
  • Selected to provide legal counsel on corporate and securities regulations affecting our client an SEC-registered investment adviser headquartered on the West Coast with more than $500 million in AUM, including advising the principals of the sponsor and general partner of several U.S. private equity and hedge funds concerning the restructuring of the reorganization. Calfee served as lead counsel on the project that also included negotiating a joint venture between the organization and other fund management organizations for the raising and management of a new private equity fund. As part of these services, Calfee also provided legal services for all legal, regulatory, and compliance issues impacting the private fund complex and related investment strategies, including impact and integration with other private funds of the firm.
  • Selected to provide legal counsel on securities regulations affecting an international investment manager with $125+ million in AUM currently shifting its focus from individual separately managed accounts of high-net-worth individuals to managing a global private fund strategy, with a master feeder fund complex based out of the Cayman Islands and multiple U.S. feeder funds. As part of these services, Calfee provides comprehensive legal services for all legal, regulatory, and compliance issues impacting the global private fund complex and related investment strategies, including the formation of all private funds for the firm.

News & Events

News

    PDF

    "Calfee, Halter & Griswold has outstanding expertise in SEC regulation of registered investment advisors. We have had helpful advice in writing our ADV and answering many other regulatory questions. Calfee works well with our internal compliance professionals." 

    Calfee client quote, U.S. News – Best Lawyers in “Best Law Firms” report

    Jump to Page