Hedge & Mutual Funds: Massachusetts

THE FIRM The premier reputation this firm has for advising both substantial registered and hedge funds is reflective of its highly balanced practice. The team's strength is demonstrated by its recent appointment as counsel to Aquila Funds and its independent trustees. Other notable clients include Pelagos Capital Management, Fidelity and Clough Capital.

Sources say: "They are highly responsive and we have the benefit of working with top-quality attorneys."

KEY INDIVIDUALS Richard Goldman "has a great grasp of the business nuances and has great contacts and knowledge," clients say. Recent highlights include representing Pyramis Global Advisers in the launch of Pyramis Global Health Care Long/Short Fund.

Leader of the investment management group and cochair of the financial services practice, Roger Joseph is highly acclaimed by sources as "really first rate," and a "practical and business-oriented lawyer." He has an excellent reputation for his work advising clients on mutual funds.

"Smart and incisive lawyer" Lea Anne Copenhefer is head of the registered funds practice in the investment management group. Her clients include the Independent Trustees of EQ Advisors Trust.

THE FIRM This experienced and high-quality team has a stellar reputation for its advice to clients on matters including regulatory issues, fund formation and the management of hedge funds. Clients range from boutique startups to significant US and international financial institutions. Sources are impressed by the breadth of the group and the accuracy of the advice.

Sources say: "Dechert is one of the top asset management law firms and I receive high-quality legal services from them."

KEY INDIVIDUALS Christopher Harvey has "a comprehensive knowledge of mutual funds," clients say. He frequently advises clients on regulatory and transactional matters. Recent highlights include representing a number of large financial institutions in exempted applications for active and passive exchange traded funds.

The "highly thorough" Geoffrey Kenyon is commended for his tactful and effective manner, and for "keeping his eye on the ball." He is fund counsel for a broad sweep of funds, including open-end, closed-end, retail and insurance-dedicated funds.

John O'Hanlon advises an array of investment funds, managers and boards of directors on regulatory and enforcement issues. Sources describe him as "a terrific lawyer."

Cochair of the firm's financial services group Joseph Fleming is highly rated by clients, one of whom said: "He is experienced, knowledgeable and client service-oriented." Fleming advises substantial clients including mutual fund companies, investment managers, banks and hedge funds.

THE FIRM This team has a superb reputation for its regulated funds practice, which includes advising high-profile and substantial clients on a comprehensive range of industry-related matters. It recently advised Grantham, Mayo, Van Otterloo on the establishment and registration of several new funds. Other notable clients include Ashmore Group, Highland Capital Management and The DoubleLine Funds.

Sources say: "They are exceptional across the board and I never feel like we get anything less than the best when we go to them."

KEY INDIVIDUALS The "knowledgeable and smart" John Gerstmayr is "well respected in the industry," sources say. He acts for Putnam Funds and their independent trustees.

Sources say "outstanding lawyer" John Loder is "the guru we rely on" for novel and complicated scenarios. He represented Columbia Funds regarding the acquisition of Columbia Management by Ameriprise Financial from Bank of America for approximately $1 billion.

The "creative and forward thinking" Gregory Sheehan receives plaudits for the high quality of his regulatory practice. He recently represented Pax World Mutual Funds in the launch of Pax MSCI North America ESG Index ETF and Pax MSCI EAFE ESG Index ETF.

Thomas Hiller is "highly knowledgeable and thoughtful," sources say. He advises Bracebridge Capital on the ongoing offering and operation of its hedge funds.

Timothy Diggins is highly regarded for his work advising clients on mutual funds and related matters. His clients include Massachusetts Mutual Life Insurance Company, State Street Global Advisors and RS Investments.

THE FIRM This firm receives praise for its hedge fund expertise, and has seen a recent uptick in advising managers on creating funds. Highlights include advising Acadian Asset Management on setting up two new funds. Other clients include Haber Trilix Advisors, Skystone Capital Management and Heritage Capital Management.

Sources say: "Their strength is marrying technical legal advice with strong practical business advice."

KEY INDIVIDUALS The "highly personable and knowledgeable" Jeffrey Collins is "approachable and understanding of our business and how we work," clients report. His areas of expertise include the regulation of hedge funds.

THE FIRM This team continues to earn strong market recognition for its advice to mutual funds on regulatory, compliance and a host of other issues facing clients. Recent highlights include representing Covariance Capital Management in customized endowment management services to educational institutions and other nonprofits. Other notable clients include the independent directors of the Hartford Mutual Funds and Van Eck.

Sources say: "I have a high impression of the firm and continue to retain them on many difficult projects. They are knowledgeable and personable, which makes working together enjoyable."

KEY INDIVIDUALS Chair of the firm's investment management practice Philip Newman is "first rate, extremely responsive, highly thoughtful and a practical lawyer." He is counsel for proprietary mutual funds of State Street Bank and Trust Company, SSgA Funds and the State Street Navigator Securities Lending Funds.

Elizabeth Shea Fries receives praise for her "thorough understanding of the subject matter as well as an extraordinary business sense." She recently advised hedge funds PAR Capital and Portolan Capital on new SEC adviser registration rules and requirements.

Derek Steingarten primarily represents clients in the registered investment space. Recent work includes advising Russell Investment Group on structuring and regulatory compliance of onshore and offshore fund vehicles. Clients commend his negotiation skills and the accuracy of his advice.

THE FIRM Sources acclaim the smart, speedy and business-focused work produced by this team, and it has noted strength across the full array of funds work. Clients include Federated Investors, KKR Asset Management and Guggenheim Partners.

Sources say: "They are deeply talented, knowledgeable and practical."

KEY INDIVIDUALS Mark Goshko has an "encyclopedic knowledge of the Investment Company Act and Investment Advisers Act, including regulatory pronouncements and interpretations," clients say. He has advised Eaton Vance on several categories of private fund.