Mutual Funds, ETFs & Closed-End Funds

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Mutual funds, ETFs and closed-ends funds rely on Ropes & Gray for sophisticated counsel on virtually all matters that affect their businesses.

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Overview

Mutual Funds Experience

We serve as regular counsel to over 2,000 mutual funds (or their independent directors or trustees). Our practice spans the entire spectrum of the industry including business development companies, funds investing in commodities and other alternative investment asset classes, and cross-border and international investment strategies.  We regularly advise clients on federal regulatory and compliance matters, fund formation and operation, a full range of mutual fund distribution arrangements, and mergers and acquisitions.

ETF Experience

The growth in number and size of ETFs has been a major trend in recent years, and our practice in this area has grown with the industry. We have in-depth knowledge of this evolving landscape and are familiar with the business, operational and regulatory issues that ETF managers face. Our global team has experience with a full range of ETF strategies and can provide global solutions and practical business advice in connection with product design, operation and fund governance, SEC exemptions, and cross-border regulatory compliance. The ETF industry is rapidly expanding across the globe and the impact of regulation has lent itself to opening up new avenues for sales of ETFs. Consequently, we work with our clients to develop innovative products which are first to market. We currently represent 3 of the 10 largest ETF complexes in the country and are advising a number of clients with applications for exemptive relief to launch.

Closed-End Fund Experience

We represent over 115 closed-end funds across a wide variety of asset classes and for a broad range of clients. We have represented our clients in some of the largest closed-end fund IPOs in recent history, and advise closed-end funds and their advisers with respect to at-the-market offerings, rights offerings and preferred shares offerings, among others. We have experience advising on the organization, registration and operation of novel products for our clients. We also have experience advising on various other closed-end fund matters, such as tender offers, interval funds and proxy contests.

While we represent many of the largest fund complexes in the industry, we also represent numerous small- to mid-sized fund complexes. We value each client relationship regardless of size, and we strive to provide the highest standards of service and attention to all of our clients.

Clients

Our representative U.S. registered investment company clients include:

Open-End Fund Clients

  • Allianz Open-End Funds
  • Artisan Funds
  • Baillie Gifford Funds
  • Columbia Funds
  • Deutsche Funds
  • DoubleLine Funds
  • GMO Funds
  • Highland Funds
  • VanEck Vectors ETF Trust
  • Martin Currie Business Trust
  • MFS Funds
  • Natixis Funds
  • Nationwide Mutual Funds
  • ProFunds
  • Putnam Funds
  • Schroder Funds
  • Sterling Capital Funds
  • Stone Harbor Investment Funds
  • Western Asset Funds

Exchange-Traded Fund Clients

  • Calamos Funds
  • Columbia Funds
  • FlexShares ETFs (Independent Trustees)
  • Highland Funds ETFs
  • J.P. Morgan ETFs (Independent Trustees)
  • Lattice Strategies/Hartford Funds ETFs (Independent Trustees)
  • Natixis Funds
  • OppenheimerFunds
  • ProShares
  • Schwab ETFs (Independent Trustees)
  • VanEck Vectors ETF Trust (Independent Trustees)

Closed-End Fund Clients

  • Allianz Closed-End Funds
  • AMG Pantheon Fund
  • Barings Closed-End Funds
  • Blackstone Alternative Alpha Fund
  • Calamos Closed-End Funds
  • Cohen & Steers Closed-End Funds
  • DoubleLine Closed-End Funds
  • The Korea Fund, Inc.
  • MassMutual Closed-End Funds
  • MFS Closed-End Funds
  • PIMCO Closed-End Funds
  • Putnam Closed-End Funds
  • Stone Harbor Emerging Markets Income Fund
  • StoneRidge Closed-End Funds
  • Voya Closed-End Funds
  • Western Asset Closed-End Funds