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Asset Management

Davis Graham & Stubbs LLP has one of the most active asset management practices in the Rocky Mountain West. We have served asset management clients since 1960, including investment advisers, registered open- and closed-end investment companies, hedge funds, broker-dealers, venture capital sponsors, and private equity and real estate investment vehicles.

At present, we represent over 35 registered investment advisers (most of whom are SEC-registered) with approximately $42 billion of assets under management. These advisers serve clients in the mutual fund, hedge fund, venture capital fund, and real estate fund industries, as well as offer financial planning services and separate account management. We also represent the independent trustees and funds, as applicable, of several mutual fund complexes (comprised of nearly 107 funds) with over $15 billion of assets under management. These open-and closed-end mutual funds encompass traditional retail and variable insurance product platforms, including municipal bond funds and alternative investment funds.

We also have extensive experience representing investment advisers, broker-dealers, and other financial service companies, as well as private equity firms that invest in these types of companies in significant corporate transactions, including mergers, acquisitions, divestitures, and investment transactions. In this capacity, we advise our clients on all legal aspects associated with these transactions, including structuring, analysis of tax consequences, due diligence, and preparation and negotiation of definitive transaction documents. Importantly, we are also intimately familiar with the issues unique to this industry with respect to these types of transactions, including regulatory approvals and requirements, retention of key personnel, and allocation of market-based risk.

The size and sophistication of our practice provide us with a deep understanding of a wide variety of fund structures, investment alternatives, and regulatory issues. And because we work with funds, investment advisers, real estate groups, venture capitalists, and private equity firms every day, we are able to stay current on new and evolving deal terms as the investment marketplace changes.

We have extensive fund formation experience with mutual funds, hedge funds, private equity funds, venture capital funds, real estate funds, and other investment vehicles. We advise our clients on appropriate management structures, prepare governing documents incorporating the control, transfer, and tax concerns of managers and their investors, and review marketing materials and other business activities for compliance with applicable laws. We provide advice on the registration or qualification of securities offered and sold by these pooled vehicles under federal and state securities laws. Our asset management attorneys also work with investment advisers on issues arising under securities, corporate, tax, intellectual property, employment, and employee benefits laws. We counsel on operational aspects of funds, including trading arrangements, compliance with reporting obligations, investor-related obligations, and, where appropriate, fund adoption, replication, or liquidation.

Our asset management team is widely recognized as one of the best mutual funds practices in the region. We are one of the few Rocky Mountain firms to have been frequently recognized with a national ranking for Mutual Funds Law in the Best Lawyers® “Best Law Firms” guide. A co-chair of our Asset Management Group has been twice individually recognized by Best Lawyers® as Denver’s Mutual Fund Lawyer of the Year. Additionally, many of our other lawyers are also individually recognized by Best Lawyers®, Super Lawyers, and other similar organizations.

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News & Events

Q1 2024 Asset Management Regulatory Update

Table of Contents SEC Adopts Amendments to Enhance Private Fund Reporting SEC Charges Registered Investment Adviser for Failing to Disclose...

Q4 2023 Asset Management Regulatory Update

Table of Contents: Securities and Exchange Commission Division of Examinations Announces 2024 Priorities SEC Adopts Rule to Increase Transparency into...

Q3 2023 Asset Management Regulatory Update

Table of Contents: SEC Adopts Final Private Fund Adviser Rules SEC Adopts Final Amendments to the Investment Company Names Rule...

Q2 2023 Asset Management Regulatory Update

Table of Contents: SEC Adopts Amendments to Enhance Private Fund Reporting SEC Charges Investment Adviser and Fund Trustees with Liquidity...

Colorado Division of Securities Adopts Amendments to Investment Adviser Rules | Part 3

This is the third in a three-part series discussing the new and amended rules (collectively the “Rules”) adopted by the...

DGS Legal Alert: Colorado Division of Securities Adopts New Investment Adviser Compliance Program Rule | Part 2

This is the second in a three-part series discussing the newly amended rules (collectively the “Rules”) adopted by the Colorado...

DGS Legal Alert: Colorado Division of Securities Adopts New Investment Adviser Continuing Education Rule | Part 1

The Colorado Division of Securities (“Division”) has adopted new and amended rules (collectively the “Rules”) applicable to certain Colorado investment...

Q1 2023 Asset Management Regulatory Update

Table of Contents Divison of Examinations Releases 2023 Examination Priorities Division of Examinations Release Observations from Examinations of Newly-Registered Advisers...

Early Lessons for Asset Managers from COVID-19 Webinar

This webinar will review the early lessons learned from the impact of COVID-19 on the asset management industry. We will...

Colorado Compliance Roundtable: Effectively Safeguarding and Using Intellectual Property

Davis Graham & Stubbs LLP is pleased to invite you to join us for the next installment of the Colorado...

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