Articles from Seward & Kissel LLP

Seward & Kissel LLP, a leading financial services-focused law firm, announced the publication of its first-ever Closed-End Fund Study, highlighting key terms and trends among private equity, private credit and growth equity managers. The Study’s release coincides with the firm’s 75th anniversary of forming its first private fund, highlighting the evolution of the firm and the exceptional growth of the firm’s closed-end practice, especially over the last decade.

Seward & Kissel LLP announced today that Peter Shea has joined the firm’s New York office as a partner in its Investment Management Group.

Seward & Kissel LLP is pleased to announce that Robert Wood has been promoted to partner.

Seward & Kissel LLP is pleased to announce that Andrew Robertson and Kris Swiatek have been promoted to partner, effective January 1, 2025.

Seward & Kissel LLP announced today that Lawrence Rouslin has joined the firm’s New York office as special counsel in the Real Estate Group.

Seward & Kissel LLP announced today that Walter Van Dorn has joined the firm’s New York office as a partner in the Capital Markets and Corporate Securities Group.

Seward & Kissel LLP is pleased to announce that Casey Jennings has been promoted to partner.

Seward & Kissel LLP announced today that Anton Levchik joined the firm as its Chief Financial Officer. Levchik comes to Seward & Kissel LLP from Foley Hoag LLP, where he held the same position. He brings significant experience leading financial operations of professional services organizations. Prior to Foley Hoag LLP, he served in senior finance roles across several global law firms: Clyde & Co., Freshfields Bruckhaus Deringer LLP, and Linklaters LLP.

Seed investments in hedge funds, private equity funds, private credit funds, and other investment vehicles continued to generate significant deal volume in 2023, according to the tenth annual Seward & Kissel Seed Transactions Deal Points Study. Conducted by the leading law firm to the private funds industry, the study confirms continued momentum for seeding of “closed-end” (illiquid) fund structures in particular—including private credit funds and traditional private equity. The full study is available here.

More than a year after the SEC’s Marketing Rule1 first took effect, the “hoped for” modernization and flexibility offered by the Marketing Rule has fallen short and instead has presented new challenges mirroring those under the old advertising rule, according to a first-of-its-kind Marketing Rule Survey conducted by Seward & Kissel LLP, the leading law firm to the investment management and private fund industry. The survey also reveals the Rule, like others recently enacted by the SEC, adds a substantial compliance burden to investment advisers. The full report is available here.

Seward & Kissel LLP announced today that it has formalized its Private Credit group to handle its growing work within the rapidly expanding private credit asset class, now valued at $1.6 trillion. The group combines the deep knowledge of the attorneys in Seward & Kissel’s Corporate Finance group who routinely work on credit transactions with the abilities of its renowned Investment Management practice, offering unique advantages to asset managers engaged in the private credit sector as lenders, as well as to investors, borrowers, and other participants in the industry.

Seward & Kissel LLP announced today that Ronald A. Hewitt, formerly with Covington & Burling LLP, has joined the firm’s New York office as a partner in the Global Banking and Corporate Trust Group.

Seward & Kissel is pleased to announce that Kevin Neubauer has been named co-head of the firm’s Investment Management Group, effective March 1. Neubauer will serve alongside existing co-head, partner, and member of the firm’s Management Committee, Patricia Poglinco. He succeeds Robert Van Grover, who served in the role for more than 10 years and will remain an active partner in the Investment Management Group.

Seward & Kissel LLP announced today that Sonita M. Bennitt, former counsel with Goodwin Procter LLP, has joined the firm’s New York office as a partner in the Tax Group.

Seward & Kissel LLP announced today that Nora Shearer, the former chief marketing officer at Shearman & Sterling, has become Seward & Kissel’s chief marketing and business development officer, effective immediately. The addition of Shearer, who also previously led the U.S. marketing and business development function at the Am Law 50 firm Norton Rose Fulbright, is the latest in a series of moves by Seward & Kissel to surround its world-class legal talent with a commensurate executive leadership team.

Seward & Kissel LLP is pleased to announce that counsel Jay Baroody, Kevin Cassidy, and Sagar Patel and associates Sophia Agathis, Brett Cotler, Bradley Fay, and Noelle Indelicato have been promoted to partner, effective January 1, 2024.

In a turbulent historic moment marked by geopolitical strife and inflationary pressures, a new study of the hedge fund industry by Seward & Kissel LLP, a preeminent financial services law firm, reveals that the percentage of side letters executed with mature hedge fund managers has risen to its highest level in eight years. The authors of Seward & Kissel’s eighth annual Hedge Fund Side Letter Study attribute the large and growing disparity between the share of side letters issued by mature and new managers in part to the challenging fundraising environment facing newer funds. The full study can be accessed here.

Seward & Kissel LLP announced today that Amanda K. Brown has joined the firm’s New York office as special counsel in the Maritime and Transportation Group.

Seward & Kissel LLP announced today that partner Russell Johnston, former senior counsel in the Financial Industry Regulatory Authority’s Department of Enforcement (FINRA), has been named co-head of the firm’s Litigation Group, serving alongside existing co-head Bruce Paulsen. The Firm has also named partner Michael Watling, a former federal prosecutor in the U.S. Department of Justice and former senior litigation counsel at FINRA, co-head of the firm’s Government Enforcement and Internal Investigations Group, joining partner Jaimie Nawaday in that role.

Seward & Kissel LLP announced today that Sean Thorsen has joined the firm’s New York office as a counsel in the Real Estate Group.

Seward & Kissel LLP announced today that Daniel G. Viola has joined the firm’s New York office as a partner in the Investment Management Group to act as Head of the firm’s innovative regulatory platform, SKRC.

Seward & Kissel LLP announced today that Kristen A. Curatolo has joined the firm’s New York office as a partner and as the co-head of the Private Clients/Trusts and Estates Group.

Seward & Kissel LLP announced today that counsel Danielle Lemberg, Brian Maloney, Kurt Plankl, and David Stutzman have been promoted to partner, effective July 1.

A new study of new hedge funds launched within established managers reveals a sharp divergence in the management fees charged by such funds depending on their investment strategies. The first-ever Seward & Kissel Established Manager Hedge Fund Study, from the leading law firm to the private fund industry, is an analysis of new hedge funds and new classes of funds launched by established managers within their existing businesses. It finds that new funds pursuing traditional investment strategies charged an average management fee of 1.9%, while the funds pursuing bespoke investment strategies charged an average management fee of .925%. The full study is available here.

A new report on seed investments in hedge funds, private equity funds, and other investment vehicles shows such transactions returning to pre-pandemic levels even in the face of challenging market conditions. The ninth annual Seward & Kissel Seed Transactions Deal Points Study, an analysis of 2022 seed investments produced by the leading law firm to the private fund industry, revealed surprising resilience in seed activity, which approached 2019 levels last year despite negative forces in the broader economy that included rising interest rates and the underwater status of many investment portfolios. The study can be found here.

Amidst an uncertain economic environment, a new report indicates a continuing shift in portfolio dynamics towards longer-held positions necessitating a tightening of liquidity rules into 2022. The Seward & Kissel New Manager Hedge Fund Study, an annual analysis of new manager hedge funds produced by the leading law firm to the private fund industry, reveals that hedge fund terms regarding withdrawal frequency, investor-level gates, and so-called “hard lock-ups” all trended toward limiting liquidity last year. The full study is available here.

Seward & Kissel LLP announced today that employment litigator and counselor David Baron has joined the firm as a partner in the Employment Law Group in New York.

Seward & Kissel LLP, a leading national law firm, has been ranked as a top 10 firm globally for representing private equity funds in Private Equity International’s inaugural Fund Formation League Table. PEI’s Fund Formation League Table is the industry’s only ranking of law firms by number of funds advised and the underlying aggregate capital of funds closed.

Seward & Kissel LLP is pleased to announce that Patricia A. Poglinco has been elected to the firm’s management committee. Her term began Feb. 15.

Seward & Kissel LLP, a leading national law firm, is pleased to announce that Philip Moustakis has been promoted to partner. The firm has also promoted Kevin Cassidy to counsel. The promotions were made effective January 1, 2023.

Seward & Kissel LLP announced today that Holt Goddard, most recently general counsel of an international biotech company, has joined the firm as counsel in the Capital Markets and Corporate Securities Group in New York.

Seward & Kissel LLP announced today that Michael Watling, a former federal prosecutor in the U.S. Department of Justice, and Russell Johnston, a former senior counsel in the Financial Industry Regulatory Authority’s Department of Enforcement, have joined the firm in New York as partners in the Government Enforcement and Internal Investigations Group. Watling and Johnston served together at FINRA for seven years before entering private practice in 2018.

A first-of-its-kind report on special purpose vehicles (SPVs) in the alternative investment industry from national law firm Seward & Kissel LLP reveals that investor demand for bespoke products and access to private investment opportunities continues. The inaugural SPV Snapshot Report offers detailed metrics on the investment focus, structure, and economics of SPVs. The full Report can be accessed here.

Seward & Kissel LLP announced today that Jaimie L. Nawaday, a former federal prosecutor in the Southern District of New York, has joined the firm in New York as co-head of the Government Enforcement and Internal Investigations Group and partner in the Litigation Department. She leverages years of public and private sector experience to provide strategic advice to companies and executives in sensitive government investigations and regulatory matters.

Cryptocurrencies and other digital assets have rapidly emerged as an attractive asset class to those who allocate the investment dollars of large institutional investors. The 2022 Alternative Investment Allocator Survey, conducted by leading law firm Seward & Kissel LLP, found that 41% of participants anticipated that their firms would increase allocations to digital assets in 2022, more than triple the number from last year’s survey. The full survey is available here.

Seward & Kissel LLP will host its 2022 Spring Blockchain Event on Tuesday, April 12 at 3:30 p.m. The event will feature a panel discussion between industry stakeholders on the current regulatory climate surrounding blockchain adoption. Registration for the virtual event is available here.

Seward & Kissel LLP was named the Best Law Firm Overall at Hedgeweek’s inaugural 2022 Digital Assets Awards, which recognized excellence among fund managers and service providers in the emerging digital assets space. The firm was also shortlisted for Best Law Firm for Fund Structuring. Honorees were selected based on a widespread survey of more than 100 fund managers and other key industry participants.

Seward & Kissel LLP announced today that Camille Paulus has joined the firm as counsel in the Real Estate Group in New York.

Seward & Kissel LLP, a leading national law firm, is pleased to announce that Daniel Bresler and Nicholas Miller have been promoted to partner. The firm has also promoted Jay Baroody, Kurt Plankl, Dora Pulido, Filana Silberberg, and Steven Starr to counsel. The promotions were made effective January 1, 2022.

As the COVID-19 pandemic continued to sow uncertainty and volatility in the financial markets over the last year, participants in the hedge fund industry took refuge in familiar deal terms and experienced managers, but also hedged their bets and allocated to newer managers, according to a study by the law firm Seward & Kissel LLP that examines the industry’s use of side letters.

Seward & Kissel LLP announced today that Alexandra Alberstadt has joined the Firm as counsel in the Investment Management Group. Alberstadt will work closely with the Firm’s registered fund and mutual fund clients and will be based in the New York office.

A first-of-its-kind report on separately managed accounts (SMAs) in the hedge fund industry from national law firm Seward & Kissel LLP reveals that investor demand for bespoke products has resulted in an increase in SMAs. The SMA Snapshot Report offers detailed metrics on the individualized accounts that are increasingly favored by large ticket investors. It can be accessed here.

With supply chain complications focusing the world’s attention on the shipping industry, Seward & Kissel LLP, known globally as a leading U.S. maritime law firm, today launched a blog dedicated to maritime law and business. The Seward & Kissel Maritime Blog will cover timely legal issues, regulatory developments, and current news affecting the global maritime industry.

Seward & Kissel LLP has received the 2021 “Best Law Firm – Fund Structuring” award from Private Equity Wire. The annual Private Equity Wire US Awards honor providers of services and solutions to the private equity industry who are selected by more than 400 GPs and the broader Private Equity Wire readership. Seward & Kissel was presented the award at a ceremony in New York City on October 20.

Seward & Kissel will host its inaugural Blockchain Symposium virtually on Wednesday, November 10. The Symposium will highlight thought-provoking discussions with industry leaders addressing timely challenges impacting the blockchain and cryptocurrency industries, and will include a keynote address by Anthony Scaramucci, founder and co-managing partner of SkyBridge.

Today, national law firm Seward & Kissel LLP announced the launch of a new blog focused on timely corporate restructuring and bankruptcy news. Dubbed “Back in (the) Black,” the blog will provide analysis of the most significant developments in the restructuring and bankruptcy space, forward looking conversations on key trends, and insight into notable engagements led by the firm.

As Seward & Kissel prepares to convene virtually for its seventh annual Private Funds Forum, our economy continues to show cautious signs of recovery as we rebound from the COVID-19 pandemic. Amidst a new U.S. presidential and congressional administration, a possible overhaul of the U.S. tax code, and the ever-present volatility of investment markets—particularly the moment-to-moment fluctuation of digital assets—the private funds and investment management communities could be on target for a revolutionary year.

While the early part of 2020 was challenging for new hedge fund managers, equity launches in particular were big gatherers of capital as the year progressed, according to The Seward & Kissel New Hedge Fund Study, an annual study of newly launched hedge funds. That conclusion harmonizes with other market research performed throughout the pandemic by Seward & Kissel, a leading law firm to the private fund industry. The Study is available in full here.

Seward & Kissel LLP announced today that it advised Sotheby’s on the historic auction house’s first-ever sale of non-fungible tokens, which occurred this week through Sotheby’s collaboration with the renowned digital artist known as Pak. Over the three-day event, which concluded yesterday, Pak’s NFTs sold for nearly $17 million.

While the “fear gauge” that tracks market volatility has remained at elevated levels since the onset of the pandemic, those who allocate alternative investment dollars for large investors are showing no signs of skittishness, according to the Alternative Investment Allocator Survey conducted by leading law firm Seward & Kissel. The survey found that allocators are likely to increase allocations to less liquid strategies and continue to embrace emerging managers in 2021. The full survey is available here.