Adam Schlichtmann works closely with asset managers on a wide range of issues concerning mutual funds, ETFs, ETPs, listed and unlisted closed-end funds, private funds and other investment programs. Adam provides real-time advice on developing and launching new products, restructuring existing funds, responding to new compliance and regulatory demands, the ongoing operation of registered funds and navigating complex transactions in a highly regulated industry. A partner in Ropes & Gray’s asset management group, Adam has significant experience in the regulatory aspects of asset management M&A, the organization of funds to pursue alternative investment strategies, money market funds and securities lending.

Adam partners with clients to launch leading-edge products, including digital asset products and ESG offerings. He has helped clients start registered funds focused on alternative strategies, such as tender offer funds investing in private funds, managed futures funds and commodities-focused funds. Other areas of experience include leveraged ETFs, developing strategies in response to shareholder activism in closed-end funds, master-feeder structures, interval funds, seeking SEC exemptive relief, responding to SEC exams and inquires, proxy matters involving mutual funds and closed-end funds, and serving as counsel to independent board members of registered funds. Adam is a trusted adviser with respect to registered money market funds with over $200 billion in assets.

Clients appreciate Adam’s thoughtful, proactive and efficient approach to their most important and complex legal needs. They also value his responsiveness and ability to offer clear, business-appropriate advice, including during times of market stress.

Adam’s interest in navigating complexity predates his legal career. Prior to becoming an attorney, Adam was a graduate student in biological chemistry focusing on cancer-related mechanisms of DNA damage and repair. He was also a consultant for a global consulting firm focusing on the pharmaceutical industry. At Ropes & Gray, Adam takes a deep interest in mentoring junior lawyers and assisting with their development.


  • Launching and operating mutual funds, ETFs, ETPs, listed and unlisted closed-end funds, private funds and other investment programs
  • Launching digital asset investment products and ESG offerings
  • Launching alternative investment strategies in registered funds, such as managed futures strategies and other commodity-related strategies, total return strategies, fund-of-hedge-fund strategies and multi-manager strategies
  • Developing antitakeover strategies for closed-end funds and responding to shareholder activists
  • Significant experience with money market funds and other liquidity products
  • Fund mergers and the regulatory considerations of M&A in the asset management industry
  • Providing advice regarding compliance programs under Rules 38a-1 and 206(4)-7
  • Responding to new SEC rules
  • No actions letters and SEC exemptive relief
  • Tender offers by closed-end funds

Representative clients include the following and their affiliates:

  • AMG Funds
  • Blackstone Alternative Asset Management
  • Cohen & Steers Capital Management
  • Deutsche Asset Management
  • Franklin Templeton
  • Global X Management Company
  • Jackson National Asset Management
  • ProShares
  • State Street Bank and Trust Company
  • Western Asset Management Company

Areas of Practice