Discussion topics cover the most significant changes introduced by the 2020 GIPS Standards, including:
- pooled funds
- performance portability
- private equity and real estate considerations including IRRs, subscription lines of credit and valuation
Michael S. Caccese is K&L Gates’ chairman of the Management Committee and practice area leader of the financial services practice. K&L Gates maintains one of the most prominent financial services practices in the United States – with more than 150 lawyers practicing from Australia, Asia, Europe and the United States, representing diversified financial services institutions and their affiliated service providers. Michael focuses his practice in the areas of investment management, including mutual funds, closed-end funds, registered fund of hedge funds, hedge funds and separately managed accounts, in addition to advising on investment management and broker-dealer regulatory compliance. Michael also advises on structuring investment management professional team “lift-outs” and “placement”, “soft dollar” compliance, investment performance, the Global Investment Performance Standards (“GIPS”), and the CFA Soft Dollar Standards and the Trade Management (Best Execution) Guidelines, along with other investment management industry standards of practice.
Paul D. Glenn is Special Counsel for the Investment Adviser Association. Previously, he worked for 12 years at the U.S. Securities and Exchange Commission as a trial attorney and special counsel in the Division of Enforcement and the Office of General Counsel, respectively. He also worked at the Office of the Comptroller of the Currency (OTS), U.S. Treasury, as Deputy Chief Counsel and Special Counsel. Paul also served as Vice President and Director of Compliance for PNC Bank N.A. in Washington, DC and WashingtonFirstBank N.A. in Reston, VA. He holds an LL.M from Georgetown University Law Center and his J.D. and B.A. from Case Western Reserve University. He holds an honorary doctor of laws degree from Nyack College. Paul is a member of the CFA’s USIPC GIPS committee.
Raymond Lee is a Vice President and the Manager of Performance at Jennison Associates. Prior to joining Jennison, Raymond was the head of performance and analytics at First Eagle Investment Management. Prior to First Eagle, he was a senior portfolio analyst at Colonial Consulting, LLC. He was previously a performance analyst at J.P. Morgan Asset Management and AllianceBernstein L.P. Raymond received a BA in economics from the University of Michigan. He is a member of The New York Society of Security Analysts and CFA Institute. Raymond is a member of the CFA’s USIPC GIPS committee.
Michael McGrath, CFA is a partner in the firm’s Boston office. He practices in the areas of investment management, securities, and commodities law, including the representation of institutional investment firms, registered investment companies, private equity and hedge funds. Michael counsels SEC, CFTC, NFA, and FINRA regulation. His practice is focused on helping financial institutions design their compliance programs, supporting trading and investment management issues including best execution, soft dollars, control of nonpublic information, and derivatives trading, and assisting with SEC and NFA staff examinations. Michael also has extensive experience counseling clients on regulatory matters that relate to strategic business decisions. Michael has been appointed to serve on the CFA’s USIPC GIPS committee.
Kristen L. Murray is the Vice President and Manager, Performance at Wellington Management. As the GIPS team manager within Performance, Kristen has nine years of oversight responsibilities with respect to the firm’s policies and procedures for compliance with the Global Investment Performance Standards (GIPS®), including composite management and analysis. She works closely with the Investment Products and Strategies Group, Legal and Compliance, and the Global Relationship Group to interpret new guidance statements and address client solutions. Kristen is a member of the firm’s GIPS Working Group, GIPS Oversight Group and New Product Working Group. Kristen joined the firm in 2005 as a trust administration analyst overseeing the Wellington Trust Company pools until 2010. Prior to joining Wellington Management, she held a variety of fund accounting positions within State Street Corporation. Kristen earned her BA in economics from the University of Rhode Island.
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