Paulita A. Pike

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Paulita Pike is managing partner of the Chicago office and a partner in the firm’s asset management group. A skilled communicator known for her extensive knowledge of the registered funds landscape, Paulita represents every type of registered product, including open- and closed-end funds, ETFs, funds of hedge funds, and funds investing in private equity. Her work with investment advisers often involves structuring innovative investment products and navigating the regulatory and compliance hurdles associated with bringing these products to market. Paulita’s advice spans the full range of registered investment vehicles on everything from M&A and registration questions to investigations and cybersecurity. She also counsels boards of directors on all aspects of governance, regulatory risks, industry trends and insurance matters.

Paulita has been widely recognized for her work on behalf of clients, including twice being named a Chicago “Notable Woman Lawyer” by Crain’s Chicago Business and “Independent Counsel of the Year” by Fund Directions. Most recently, she has collaborated with clients to pioneer in the ETF space, advised on investments in cryptocurrencies and other emerging asset classes, and helped clients work through top-of-mind governance issues raised by asset management M&A. Clients value Paulita’s ability to provide timely, practical and business-focused advice.

Paulita’s experience extends to industry-related work, including speaking regularly at conferences and serving on industry group advisory boards, such as BoardIQ and the Mutual Fund Directors Forum. She also teaches courses in mutual fund regulation at Notre Dame Law School and Northwestern Pritzker School of Law.

Paulita is passionate about giving back to her community, whether through civic engagement, pro bono work, or efforts to further diversity, equity and inclusion. In addition to serving on boards and committees of the Chicago Shakespeare Theatre and the Art Institute of Chicago, Paulita regularly provides pro bono representation to indigent immigrants. She is also a member of Ropes & Gray’s diversity committee; leads the Chicago diversity, equity and inclusion committee; and is active with the firm’s Women’s Forum, among other initiatives.

Experience

Paulita counsels funds (including open- and closed-end funds, ETFs, interval funds, funds of funds, and funds of hedge funds), their boards, investment advisers and fund service providers on a range of issues, including:

Governance structures and practices
Registration and disclosure
D&O/E&O matters
Communications with the press, self-evaluations and industry “best practices”
Fund service provider contracts and filings with the U.S. Securities and Exchange Commission
Fund mergers, joint ventures and “manager-of-managers” arrangements
Compliance issues, regulatory investigations and inquiries
Matters arising from the Investment Company Act of 1940 and the Investment Advisers Act of 1940
Cybersecurity issues and best practices for data protection

Credentials

Publications

Interview, “Industry Debate Over ESG Won’t Fade Anytime Soon: Lawyers,” Ignites (May 22, 2023)
Interview, “Swing Pricing Would ‘Change Out the Piping in the Industry,’” Ignites (May 19, 2023)
Quoted, “SEC Liquidity Enforcement Case a Warning for Boards,” BoardIQ (May 16, 2023)
Interview, “Market Structure Rules Would Be ‘Quite Impactful’: Ropes & Gray,” Ignites (May 3, 2023)
Profiled, “Ropes & Gray Chicago Managing Partner on How to Mentor,” Law360 (March 8, 2023)
Quoted, “Boards Blast ‘Disastrous’ Swing Pricing Proposal in Force,” BoardIQ (February 21, 2023)
Quoted, “SEC Exam Priorities: Fund Boards Remain in Regulators’ Focus,” Fund Board Views (February 14, 2023)
Profiled, “Latina Leadership in Mutual Funds,” Hispanic Executive (November 14, 2022)
Profiled, “Top attorney from Central America now helps others immigrate,” Negocios Now (October 22, 2022)
Profiled, “Crain’s Notable Women in Law,” Crain’s Chicago Business (September 7, 2022)
Quoted, “Shops Prep Systems, Boards for Fair Value Rule,” Financial Times Ignites (September 7, 2022)
Quoted, “Birdthistle Discusses Merits of Swing Pricing for Money Market Funds,” BoardIQ (August 9, 2022)
Quoted, “SEC Sweep Targets Fund Fees – and How Boards Approve Them,” BoardIQ (August 4, 2022)
Profiled, “How I Made Office Managing Partner: ‘My Understanding of the City and Ongoing Commitment to Local Charitable and Civic Organizations,’ Says Paulita Pike of Ropes & Gray,” Law.com (June 2, 2022)
Quoted, “SEC defines ESG, classifies funds to clarify ESG quash greenwashing,” Fund Directions (May 25, 2022)
Quoted, “SEC to Pitch Long-Awaited ESG Rule May 25,” Fund Directions (May 23, 2022)
Quoted, “IM Director Birdthistle: Are funds’ fiduciary duties ‘truly being honored’?” Fund Board Views (March 29, 2022)
Featured, “10 Women… Leading the ’40 Act Legal Space,” Fund Board Views (March 8, 2022)
Profiled, “Notable Gen X Leaders in Accounting, Consulting and Law,” Crain’s Chicago Business (November 21, 2021)
Quoted, “Asset management sector is rife for further M&A after two sizable deals in a week,” MarketWatch (November 2, 2021)
Quoted, “Wells Fargo fund proxy troubles delay $2.1 bn M&A, despite board endorsement,” Fund Directions (October 26, 2021)
Co-author, “Fund Directors’ Oversight of Investments in Cryptocurrencies and Other Digital Assets,” The Review of Securities & Commodities Regulation (October 2021)
Quoted, “Top Legal Industry News for August 2021: Law Firm Pro Bono, Hiring & Innovation,” The National Law Review (August 30, 2021)
Quoted, “Fund boards explore hybrid meeting formats for returning to boardroom,” Fund Directions (June 25, 2021)
Quoted, “Q&A: Boulder letter, closed-end funds, and activist investors (part 2),” Fund Board Views (June 16, 2021)
Featured, “As Clients Search for Alternatives, AFAs Are Growing in Prominence,” The American Lawyer (May 18, 2021)
Featured, “People on the Move: Paulita Pike, Ropes & Gray LLP, Crain’s Chicago Business (May 3, 2021)
Featured, “Fund Lawyer to Lead Ropes & Gray’s Chicago Office,” Ignites (April 26, 2021)
Quoted, “Special Bonuses Can Help to Retain Associates, But Not for the Long Run,” The American Lawyer (April 23, 2021)
Featured, “CDLB People,” The Chicago Daily Law Bulletin (April 21, 2021)
Featured, “People on the Move,” The Chicago Business Journal (April 20, 2021)
Quoted, “New, Complex Rules Add CCO Headaches,” Ignites (April 9, 2021)
Quoted, “ESG ETFs Begin to Blur Boundaries,” ESG Investor (March 17, 2021)
Quoted, “Directors discuss valuation rule implementation at first board meetings of 2021,” Fund Directions (March 12, 2021)
Quoted, “New SEC exam priorities can 'direct directors',” Fund Board Views (March 4, 2021)
Quoted, “Reddit GameStop frenzy should spur board talks with adviser, PMs,” Fund Board Views (January 28, 2021)
Quoted, “Fund boards explore hybrid meeting formats for returning to boardroom,” Fund Directions (January 25, 2021)
Quoted, “Fidelity Used SEC’s Director Outreach to Voice Concerns,” BoardIQ (January 12, 2021)
Quoted, “Blass's time at SEC marked by 'listening, getting things done',” Fund Board Views (January 7, 2021)
Quoted, “What Morgan Stanley’s Eaton Vance deal spells for the fund boards,” Fund Directions (December 17, 2020)
Quoted, “SEC Issues First Fair Valuation Rule in Half a Century,” BoardIQ (December 15, 2020)
Quoted, “Board ownership requirements useful tool but need structure,” Fund Directions (September 16, 2020)
Featured, “Paulita Pike - Crain’s 2020 Notable Women in Law,” Crain’s Chicago Business (September 8, 2020)
Quoted, “Giving it the old college try,” Fund Directions (September 1, 2020)
Quoted, “Industry to Blass: No limits on virtual board meetings required,” Fund Directions (August 20, 2020)
Quoted, “SEC issues rule proposal allowing boards to assign valuation duties to advisers,” Fund Directions (April 23, 2020)
Quoted, “SEC unveils first update to fund valuation rules in 50 years,” Compliance Reporter (April 22, 2020)
Quoted, “Board oversight of valuation tested by coronavirus-driven market turmoil,” Fund Directions (April 3, 2020)
Quoted, “New Tasks for Boards Under Proposed Valuation Rule,” BoardIQ (May 5, 2020)
Quoted, “SEC issues interfund lending relief,” Fund Board Views (March 31, 2020)
Quoted, “SEC Expands In-Person Voting Exceptions for Coronavirus,” BoardIQ (March 10, 2020)
Featured, “Getting your ESG overnight right,” Fund Directions (January 30, 2020)
Quoted, “ICI’s CEO to Retire at Year End; Search for Successor Under Way,” Ignites (January 28, 2020)
Quoted, “SEC on Board Oversight,” BoardIQ (December 31, 2019)
Quoted, “OCIE flags 15(c) deficiencies; should spur boards to ‘gut check’,” Fund Board Views (November 22, 2019)
Featured, “Dissecting the SEC’s Recent Guidance on Investment Adviser Proxy Voting Responsibilities,” The Hedge Fund Law Report (October 24, 2019)
Quoted, “PwC Case Gives Boards, Auditors Something to Talk About,” BoardIQ (October 8, 2019)
Quoted, “Invesco files for its own nontransparent ETF structure,” Fund Action (September 25, 2019)
Quoted, “SEC Lays Out How to Use Proxy Advisors, Protect Fiduciary Role,” Ignites (August 22, 2019)
Quoted, “SEC on Board Oversight: ‘We’ll Beat This One to Death’,” BoardIQ (July 16, 2019)
Featured, “Shops Reassess Who 'Owns' Cyber Security,” Ignites (July 3, 2019)
Featured, “How Shops Handle the 'Rabbit Hole' of Third-Party Cyber Risks,” Ignites (May 28, 2019)
Quoted, “Shops Face Bigger Regulatory Burdens on Leaner Budgets,” Ignites (May 6, 2019)
Quoted, “What fund leaders need to know about the SEC's new cyber sweep,” Compliance Reporter (May 1, 2019)
Featured, “Pinpointing Potential SEC Proxy-Voting Reforms,” Ignites (May 1, 2019)
Quoted, “Do fund directors need board-dedicated email, devices?,” Fund Board Views (April 10, 2019)
Quoted, “Mutual fund boards have opportunity to redefine their CCO relationship,” Fund Directions (March 25, 2019)
Quoted, “Fund boards, industry welcome in-person voting relief,” Fund Board Views (March 7, 2019)
Quoted, “How fund boards are grappling with liquidity rule oversight,” Fund Directions (February 28, 2019)
Quoted, “SEC modifies Form N-PORT filings due to cybersecurity concerns,” Compliance Reporter (February 28, 2019)
Quoted, “SEC charges hackers for 2016 breach of auto-filing system,” Thomson Reuters Regulatory Intelligence (January 17, 2019)
Quoted, “SEC considers nixing controversial FoFs disclosure | SEC halts admin proceedings | New regulator data leak,” Compliance Reporter (January 17, 2019)
Quoted, “SEC's Response To Breach Scare Clarifies Wider Approach,” Law360 (January 16, 2019)
Quoted, “SEC charges Ukrainian hacker in EDGAR breach,” Compliance Reporter (January 16, 2019)
Quoted, “Funds Bracing for SEC Delays as Government Reopens,” BoardIQ (January 29, 2019)
Quoted, “Index funds: Has Bogle IDed solution in search of problem?,” Fund Board Views (December 14, 2018)
Quoted, “Fund governance pros heartened by SEC no-action letter,” Fund Board Views (October 19, 2018)
Quoted, “Vendors Still Weak Link in Cyber-Security Programs,” BoardIQ (October 9, 2018)
Quoted, “Special Issue: Boards, Cyber Threats and Tech Advances,” BoardIQ (October 9, 2018)
Quoted, “Subadvisors, Sponsors At Work Hashing Out Liquidity Programs,” Ignites (September 10, 2018)
Quoted, “GDPR, Calif. regs complicate regional comms, blockchain development,” Fund Operations (August 23, 2018)
Quoted, “Fidelity’s New No-Fee Funds Bring All Fees Into Sharp Focus,” BoardIQ (August 14, 2018)
Quoted, “Governance pros applaud SEC's paperless rule,” Fund Board Views (June 5, 2018)
Co-author, “Increased Enforcement Activity Underscores Need for Firms to Conduct Rigorous Cybersecurity Oversight,” Wolters Kluwer’s Securities Regulation Daily (May 24, 2018)
Quoted, “Dissecting the SEC’s standard of conduct,” Fund Directions (April 27, 2018)
Author, “Op-Ed: The Must Know of D&O,” Fund Board Views (April 26, 2018)
Quoted, “Next steps: Liquidity rule delay shakes up compliance plans,” Fund Directions (February 23, 2018)
Quoted, “Cues for fund directors in OCIE 2018 exam priorities,” Funds Board Reviews (February 8, 2018)
Quoted, “Fee Pressure From Boards Seeping Down to Subadvisers,” BoardIQ (January 30, 2018)
Quoted, “Despite Guidance, Liquidity Rule Questions Linger for Multi-Managed Funds,” Ignites (January 25, 2018)
Quoted, “SEC Spotlights Subadvisors, ETFs in Liquidity Rule FAQs,” Ignites (January 12, 2018)
Quoted, “Board Self-Assessments Back on SEC Exam Request List,” BoardIQ (November 7, 2017)
Quoted, “Treasury Sides With Industry in Opposing Liquidity Rule,” BoardIQ (November 7, 2017)
Quoted, “Industry on edge: EDGAR Breach,” Fund Operations (October 4, 2017)
Quoted, “EDGAR breach has managers questioning SEC’s own protections,” Pensions & Investments (September 28, 2017)
Quoted, “Clayton addresses cyber concerns in Senate testimony,” Fund Action (September 27, 2017)
Quoted, “SEC data breach reveals fear and loathing in the mainframe,” Compliance Week (September 26, 2017)
Quoted, “A Cyber Rule for Banks Offers Best Practices for All,” BoardIQ (September 26, 2017)
Quoted, “SEC hack leaves industry asking tough questions,” Compliance Reporter (September 25, 2017)
Quoted, “SEC Data Breach Gives Industry Ammo for Rule Delays,” Ignites (September 22, 2017)
Quoted, “Surprise Exams Are Back, and Boards Prepare With CCO,” BoardIQ (September 12, 2017)
Quoted, “BlackRock Board Blinks in Bid to Get Proxy Proposal Passed,” BoardIQ (August 15, 2017)
Quoted, “Now is time to get busy with liquidity risk management rule,” Fund Board Views (April 12, 2017)
Quoted, “Funds Face New Intermediary Tussle Over Fee Index,” BoardIQ (March 28, 2017)
Quoted, “Morningstar scraps Stewardship Grades,” Fund Board Views (February 3, 2017)
Quoted, “Dykstra retires after decades of fund governance work,” Fund Board Views (January 31, 2017)
Quoted, “In Liquidity Rule, an Investment Decision for Directors,” BoardIQ (December 13, 2016)
Quoted, “Auditor independence: What boards are doing now,” Fund Directions (November 15, 2016)
Quoted, “Independent Director Helps Axa Win Excessive Fee Trial,” Ignites (September 6, 2016)
Author, “Op-Ed: Grading Morningstar's Stewardship Grades,” Fund Board Views (August 10, 2016)
Quoted, “New 38a-1 Policies Giving Boards Overall View of Intermediaries,” BoardIQ (May 31, 2016)
Co-author, “Fund Governance: A Successful, Evolving Model,” Virginia Law & Business Review (Volume 10, Spring 2016, Number 3)
Quoted, “Claims Monitoring Deal With Affiliate Requires Board Focus,” BoardIQ (May 3, 2016)
Cited, “All the world’s a gala table,” Crain’s Chicago Business (April 7, 2016)
Quoted, “Credit Lines Hard to Come By as Bank Rules Tighten,” BoardIQ (January 26, 2016)
Co-author “Fund Director's Guidebook,” American Bar Association (2015)
Quoted, “Commission Smacks Virtus for Repeating F-Squared’s Lies,” BoardIQ (December 1, 2015)
Quoted, “How Just One Share of Stock Can Ruin a Director’s Day,” BoardIQ (April 21, 2015)
Quoted, “'Distribution in Guise' Enforcement Actions in Works: SEC,” Ignites (March 5, 2015)
Quoted, “SEC’s New Attitude a Chief Concern for Directors in 2015,” BoardIQ (December 16, 2014)
Quoted, “Transfer Agent Fees Down Slightly, Some See More to Come,” BoardIQ (November 4, 2014)
Quoted, “Where to Find ‘Current Sale’? In the Eye of the Beholder,” BoardIQ (September 9, 2014)
Quoted, “New Duties for Directors After Money Fund Reform Vote,” BoardIQ (July 29, 2014 )
Quoted, “Cheaper Fund Subadvisers Can Save Money, but for Whom?” BoardIQ (June 17, 2014)
Profiled, “Women, Influence and Power in Law: Paulita Pike,” Inside Counsel (May 20, 2014)
Quoted, “In Its Sweep of Alt Funds, SEC Will Target Board Oversight,” BoardIQ (March 25, 2014)
Quoted, “London Calling: Directors, Won’t You Pick Up the Line?” BoardIQ (February 25, 2014)
Co-author, “Supreme Court Upholds Gartenberg Standard in Jones v. Harris,” Journal of Investment Compliance, Volume 11 Issue 2 (2010)
Co-author “The Yacktman Battle: Manager Bites Watchdogs,” The Investment Lawyer (1998)

Presentations

Ms. Pike is a frequent speaker at industry conferences, including those sponsored by the Investment Company Institute, the Independent Directors' Council and the Mutual Fund Directors Forum.

Speaker, “Webinar: Current Board Priorities: Valuation Rule and COVID-19 Considerations,” Mutual Fund Directors Forum (May 5, 2020)
Speaker, “Navigating the New ESG Landscape: How US and EU Policy Developments Affect Fund Managers,” Investment Company Institute (ICI) (October 23, 2019)
Speaker, “Insurance for Funds and Fund Directors: Part 1,” Independent Directors Council (January 22, 2019)
Moderator, “Liquidity Risk Management,” Mutual Fund Directors Forum, 2018 Policy Conference (March 27, 2018)
Speaker, “The Regulatory Environment,” and “Client Experience Panel Discussion,” Northern Trust Distribution Summit (April 26, 2017)
Speaker, “Reporting Results,” Mutual Fund Directors Forum, 2017 Directors’ Institute (January 19, 2017)
Moderator, “Management Presentation to the First Lights Fund Board,” Mutual Fund Directors Forum, 2017 Directors’ Institute (January 18, 2017)
Panelist, “Regulation, Litigation, and Enforcement: The Current Landscape,” The Independent Director’s Council’s 2016 Fund Directors Conference (October 26, 2016)
Speaker, “Webinar on SEC Staff Guidance on Mutual Fund Distribution and Subaccounting Fees: A Summary and Discussion for Fund Directors,” Independent Directors Council (February 18, 2016)
Moderator, “Management Presentation to the First Lights Fund Board,” Mutual Fund Directors Forum (January 27, 2016)
Moderator, “Management Response to Consultant Report,” Mutual Fund Directors Forum (January 27, 2016)
Presenter, “Working with Management,” Mutual Fund Directors Forum (January 28, 2016)
Panelist, “Looking over the Shoulders of Distributors: Intermediary Oversight in Today’s Distribution Environment,” ICI’s 2015 Mutual Fund Compliance Programs Conference (May 7, 2015)
Panelist, “Panel II: Larger Lessons from Fund Governance” 2015 Virginia Law & Business Review and the ICI Symposium: The 1940 Acts at 75 (April 10, 2015)
Panelist, “SEC and Other Developments: What Directors Should Know,” ICI’s 2014 Fund Directors Conference (November 4, 2014)
Panelist, “Session 2-A: Current Topics for Fund Boards: Independent Counsel Roundtable,” ICI’s 2014 Mutual Funds and Investment Management Conference (March 17, 2014)
Panelist, “Right Funds, Wrong Time: Ratings, Flows, and Distribution,” Mutual Fund Directors Forum’s Board Oversight of Performance Conference (October 9, 2013)

Awards

Investment News – Women to Watch Trailblazers of the Year (2023)
Hispanic Executive “Leading Latinas” (2023)
Crain’s Chicago Business “Notable Gen X Leaders in Law” (2021)
Women in Asset Management US Awards - Advocate of the Year Finalist (2021)
Crain’s Chicago Business “Chicago’s Notable Women Lawyers” (2018, 2020, 2022-2024)
Negocios Now: “Who’s Who in Hispanic Chicago” (2018)
Mutual Fund Awards Hall Of Fame Inductee, Fund Directions’ Mutual Fund Industry Awards (2017)
Chambers USA: America's Leading Lawyers for Business (2015-2023)
Chambers Global (2020-2024)
Independent Counsel of the Year, Fund Directions’ Mutual Fund Industry Awards (2013 and 2008)
Legal 500 US (2014-2016, 2018-2019, 2022-2023)
The Best Lawyers in America (2006-2023)

Professional & Civic Activities

University of Notre Dame (Board of Trustees)
Editorial Advisory Board, Law360 Illinois (Member)
Fund Directions (Advisory Board)
Fund Board Views (Editorial Think Tank)
Mutual Fund Directors Forum (Advisory Board)
BoardIQ (Advisory Board)
American Bar Association (Federal Regulation of Securities Subcommittee; Investment Companies and Investment Advisors Subcommittee)
Chicago Bar Association (Investment Management Practice Group)
Art Institute of Chicago (Committee on Architecture and Design)
Chicago Shakespeare Theatre (Board of Directors, Treasurer)
Commercial Club of Chicago (Member)

Experience

Credentials

Education

Admissions

Publications

Presentations

Awards

Professional & Civic Activities

Areas of Practice