Senior Counsel, Asset Management

Overview

This role provides legal counsel supporting local government investment pools (LGIPs) and related investment products and services. Responsibilities include drafting and maintaining fund documentation, managing key service-provider and advisory agreements, coordinating outside counsel and third parties, and advising internal teams on matters under the Investment Advisers Act of 1940 and related SEC rules.

Responsibilities

LGIP and Fund Documentation

• Draft, review, and maintain all fund agreements for the LGIPs and programs the organization advises, including trust agreements, intergovernmental and joint powers agreements, participant agreements, and investment advisory agreements.
• Prepare, update, and coordinate annual and interim review of information statements, offering documents, and related participant disclosures to ensure they are accurate, complete, and consistent with current operations.
• Draft and review investment policies, investment guidelines, and operating procedures for the pools, including provisions modeled on Rule 2a-7 credit quality, maturity, liquidity, and diversification standards.
• Support preparation of board materials and legal summaries, including attending meetings as needed.
• Monitor state statutes governing public funds investment and LGIPs, and advise the business on changes affecting pool documents or operations.

Commercial and Service Provider Agreements

• Draft, review, and negotiate agreements supporting the LGIPs and products offered outside of the pools, including custody agreements, trading and brokerage agreements, master repurchase agreements, tri-party repo agreements, fund administration, transfer agency, and other service-provider agreements.
• Review client investment management and advisory agreements for separately managed accounts and other non-pool products.
• Maintain a contract inventory and track renewal, termination, and amendment dates for key agreements.

Outside Counsel Management

• Serve as the primary point of contact for outside counsel to the funds, coordinating assignments, reviewing work product, and managing timelines.
• Coordinate with outside counsel, auditors, rating agencies, and other third parties on document updates, rating reviews, and regulatory matters affecting the pools.

Investment Advisory Legal Advice

• Provide practical legal advice to portfolio management, client service, operations, and business development teams on matters arising under the Investment Advisers Act of 1940 and related SEC rules.
• Partner with the Compliance Department on Form ADV, the SEC Marketing Rule, custody, code of ethics, books and records, and other advisory compliance matters.
• Review marketing materials, RFP responses, and client communications for legal and regulatory considerations.
• Assist with regulatory examinations, inquiries, and requests from the SEC and state regulators.
• Research legal and regulatory developments affecting the investment advisory business and communicate their impact to management.
• Perform other legal duties as assigned by the Chief Legal Officer.

Requirements

• In-depth knowledge of the Investment Advisers Act of 1940 and the rules adopted under it.
• Strong understanding of fund documentation, particularly for local government investment pools and programs.
• Familiarity with Rule 2a-7 under the Investment Company Act of 1940 and its application to money market funds and LGIPs that follow 2a-7-like standards.
• Ability to draft and negotiate custody, trading, repurchase, and other financial services agreements.
• Ability to draft clear, accurate disclosure documents, including information statements, investment policies, and investment guidelines.
• Ability to manage outside counsel effectively while keeping projects on schedule and on budget.
• Excellent written and verbal communication skills, with the ability to explain complex legal concepts to non-lawyers and public-sector clients.
• Sound judgment, attention to detail, and the ability to manage multiple priorities and deadlines independently.
• High ethical standards and the ability to handle confidential information with discretion.
• Proficiency with Microsoft Office and legal research tools.

Education and Experience

• Juris Doctor (J.D.) from an accredited law school.
• Active license to practice law and in good standing with at least one state bar.
• Five to eight years of relevant legal experience at a law firm, investment adviser, asset manager, or financial institution.
• Experience with the Investment Company Act, Investment Advisers Act, and related matters and investment advisory agreements.
• Experience drafting and maintaining fund documents, preferably for local government investment pools and programs and Rule 2a-7 or 2a-7-like funds.
• Experience drafting and maintaining related documents such as information statements, investment policies and guidelines, custody agreements, trading agreements, and repurchase agreements.

Preferred Qualifications

• Knowledge of municipal advisor rules and regulations, including SEC and MSRB requirements.
• Knowledge of broker-dealer rules and regulations, including FINRA rules.
• Experience working with public-sector clients, governing boards, or state public funds investment statutes.

Compensation & Benefits

• $160,000 - $195,000 USD per year

Location

• Naperville, Illinois
• Remote

Physical Requirements

• Must be able to work at a computer for long periods of time.
• Lift up to 15 lbs.

Agency Policy

• No agencies please.