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both sides of the market

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  • 1. rinsight both sides of the market investment management / securities industry
  • 2. the ben morgan lewis fast facts firm More than 1,400 lawyers in 22 offices worldwide Ranked #1 in Corporate Counsel’s 2006 survey, “Who Represents America’s Biggest Companies?” 2007 Chambers USA: America’s Leading Lawyers for Business featured 109 Morgan Lewis lawyers investment management / securities industry More than 100 lawyers in the securities area More than 30 lawyers who have joined us after distinguished careers at the SEC Represent 8 of the top 10 money managers, all top 10 securities firms, and more than 500 mutual, venture capital, private equity, and hedge funds recognition Ranked Band #1 for Financial Services Regulation in both Broker Dealer and Asset Management practices nationwide based on client and competitor feedback by Chambers USA 2007 Ranked Tier #1 among “the best in the industry” by The Legal 500 U.S. 2006 # Ranked #1 for new funds by The American Lawyer’s TIER 2005 Corporate Scorecard (most recent ranking) and dubbed “one of the nation’s top law firms in the investment management area” Ranked #2 in Private Equity Analyst’s list of “Most INVESTMENT FUNDS: Active Law Firms” by number of private equity or MUTUAL FUND venture capital funds worked on for general partners FORMATION (70 funds) and limited partners (420 funds) U.S. Legal 500 2007
  • 3. nefit of multidimensional perspective We represent the universe of investments and investment products—companies that create and manage funds and investment products, money managers that advise millions of investors, brokerage firms that raise capital and distribute financial products, and financial marketplaces where these products are traded. on the buy side: We represent mutual funds, hedge funds, private equity funds, insurance companies, and money managers of all kinds. on the sell side: We represent leading securities firms in all aspects of their businesses. all together: Our multidimensional perspective enables us to offer insights and practical and efficient solutions to industry issues. Recognized as a “premier # investment company firm, on any list” offering a BAND “panoramic view of the market provided by the breadth of the firm’s practice.” FINANCIAL SERVICES REGULATION: Chambers USA 2007 BROKER DEALER Chambers USA 2007
  • 4. buy 500 invest + We understand the securities mutual, venture capital, private equity, and 8 markets from the buy side — the way advisers that trade hedge funds see the markets. of the top 10 money managers both sides of the market sell 42 240+ transact no-action And we also understand the letters structure of the markets from a M&A securities industry perspective, broker-dealer More than 200 including market structure, deals the mechanics of buy-side and sell-side trading, and best-execution issues. broker-dealers the competitive advantage business focus innovation and clear-cut, practical advice Our lawyers understand the problem solving We provide clear, straightforward, business of our investment Clients turn to us because we and practical advice to our clients. management and securities stress creativity and imagination in Our lawyers answer client questions industry clients. In interviews our approach to problem solving directly, explain how they reached with Chambers USA 2007, and always strive to find the best their conclusions in a well-reasoned both our clients and our solutions to client problems. manner, and offer any qualifications competitors described our We pride ourselves on having or facts and circumstances that partners as “proactive and helped pioneer many of the most affected their analysis. The guidance responsive,” as never “stall[ing] successful new products and we offer reflects not just the individual the business with legal issues,” services including ETFs, folios, knowledge and experience of the and as “excellent business paperless annuities, wrap or SMA lawyer involved, but our collective lawyer[s] who recognize the accounts, and the conduct of knowledge and experience. need to move forward.” online IPOs. We anticipate the rapidly changing needs of the marketplace and our clients.
  • 5. 19 100 9 More than venture capital 47 fund All groups 50 hedge fund complexes managers TOP private equity open-ended ETFs fund managers (by value) Major industry More than associations half of the Alternative 100 trading More than 65 systems largest U.S. securities firms 26 M&A mutual fund 21 M&A money manager deals exemptive applications reorganizations product and pulling it all together broad capabilities transactional knowledge The laws affecting the investment The firm’s breadth of practices We have a robust financial products management and securities industries allows us to draw on the capabilities and corporate securities practice are complex and ever-changing. of other practice areas in the that positions us to advise clients This business is conducted at the firm when assisting investment on new and complex products, intersection of four federal securities management and securities investment strategies, and trading laws, 50 state securities laws, the industry clients, including our arrangements. We also have an rules of multiple self-regulatory Antitrust, Bankruptcy, Corporate, M&A practice with a proven track organizations and securities market- Corporate Investigations and White record in managing securities places, ERISA and parallel rules Collar, Derivatives, Enforcement industry and investment management under the Internal Revenue Code, Defense, ERISA, Employee Benefits, deals. As a result, if an investment and the laws of the various foreign Intellectual Property, Labor and management or securities firm jurisdictions in which our clients do Employment, Litigation, Outsourcing, wishes to pursue strategic business. Our practice covers it all. Tax, and Technology Practices. transactions or reorganizations, we have the team to make it happen.
  • 6. investment institutional tradiing the spectrum of product investment management continuum Morgan Lewis has been dubbed “one of a handful of premier ‘40 Act’ practices in discount brokerage self-directed and retail brokerage management private wealth America” and ranked in the highest category in the Chambers USA guide for four years client wealth running (2004-2007). We have also been historically ranked by The American Lawyer as one of the nation’s top law firms in the investment management area and are recognized as “a leading player in the registered mutual funds market” by Legal 500 2007. Twice in the last few years, we have been wrap or ranked #1 in The American Lawyer’s Corporate Scorecard for new funds. fund asset In 2007, we brought more than 184 new funds (and 250 classes) to market. mutual funds, ETFs, and investment worldwide Beijing Boston Brussels Chicago Dallas Frankfurt Harrisburg Houston Irvine London Los moving from idea to market To compete and prosper in today’s investment management and securities industry, our clients must navigate in a regulatory environment of ever-increasing complexity. The strength of our multifaceted practice enables us to assist our clients through this constantly shifting maze of regulatory obstacles and operational questions. Our cutting-edge clients are pushing boundaries every day with new and innovative products that often present unique and novel legal issues. We are here to help guide them from idea to market. Our team guides clients through the registration process, tax and structuring issues, and regulatory examinations; provides clients insight into foreign regulations; and offers a “recognized force” to see clients through securities enforcement and investigation concerns. Both clients and peers describe our attorneys as offering “insight into how the regulatory machine works – it’s one thing to know the law, another to know the machine, the organization, the animal that needs to be fed” (Chambers USA 2007).
  • 7. prime brokerage products and structured derivatives private equity web hedge funds institutional separate accounts SMA accounts allocation To receive regular legal updates on broker-dealer regulation, investment management, private funds, the securities markets, and ERISA-related matters, variable products log on to www.imsi.morganlewis.com customization Angeles Miami Minneapolis New York Palo Alto Paris Philadelphia Pittsburgh Princeton San Francisco Tokyo Washington new mutual funds brought 184 to market by Morgan Lewis 140 * 129 #BAND # 120 American Lawyer’s 100 Corporate Score Card 80 FINANCIAL SERVICES REGULATION: 60 61 58 ASSET MANAGEMENT 40 Chambers USA 2007 MOST ACTIVE LAW FIRM 20 by number of private equity and venture capital funds Private Equity Analyst 2006 2004 2005 2006 2007 * Last year ranking was published
  • 8. togetheri As business opportunities grow in size and complexity, relationships built on trust and respect are more important than ever. Close-working relationships define the Morgan Lewis culture and service philosophy. We’re in this together. Your team and ours. This communication is provided as a general informational service to clients and friends of Morgan, Lewis & Bockius llp. It should not be construed as, and does not constitute, legal advice on any specific matter, nor does this message create an attorney-client relationship. These materials may be considered Attorney Advertising in some states. Please note that the prior results discussed in the material do not guar- antee similar outcomes. The photos in this material are dramatizations. © Morgan, Lewis & Bockius llp 1111 Pennsylvania Avenue, N.W. • Washington, D.C. 20004 P: 202.739.3000 • F: 202.739.3001 www.morganlewis.com 073108_081075