News & Analysis as of

Investment Management

DLA Piper

IMpact: Investment Management News - Q2 2025

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Welcome to IMpact: Investment Management News. In this regular bulletin, DLA Piper lawyers share their insights on key developments that are impacting the investment management industry. Pursuant to rules issued in 2024 and...more

Morrison & Foerster LLP

Tax Court’s Decision in Soroban—Potential SECA Tax Implications for Management Fee Income

On May 28, 2025, the U.S. Tax Court issued its decision in Soroban Capital Partners LP v. Commissioner (T.C. Memo 2025-52) (“Soroban”), holding that “limited partners” of a management company organized as a Delaware limited...more

Rivkin Radler LLP

The Limited Partner Exclusion From Self-Employment Tax – But Who Is A Limited Partner?

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An Agency Under Siege - The mission statement of the IRS reminds taxpayers that it is their responsibility to understand and meet their tax obligations, while it is the role of the IRS to “enforce the [tax] law with...more

Husch Blackwell LLP

U.S. Tax Court Rules That Limited Partners of an Investment Manager Are Subject to Self-Employment Tax

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On May 28, 2025, the United States Tax Court held that the limited partners of a limited partnership providing investment management services to various investment funds were not limited partners within the meaning of...more

Carey Olsen

Power players: investment funds 2025 - distinguished advisers

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In today’s increasingly unpredictable global environment, the outlook for investment funds and their managers – particularly in the US – remains uncertain. Recent tariff measures introduced by the US government, along with...more

Mayer Brown Free Writings + Perspectives

SEC Conference on Emerging Asset Management Trends

On June 5th, the SEC brought together regulators, industry leaders, and experts to discuss the evolving asset management landscape at its 2025 Conference on Emerging Trends in Asset Management.  This year’s event focused on...more

Akin Gump Strauss Hauer & Feld LLP

From Crackdown to Calibration: The UK’s Evolving Carried Interest Regime

In November, we covered the UK government’s proposal to overhaul the tax treatment of carried interest in the United Kingdom—an effort to close perceived loopholes by shifting carried interest fully into the income tax...more

McDermott Will & Emery

Family Office Symposium 2025 | Key Takeaways

McDermott’s Family Office Symposium 2025 brought together more than 400 single-family office executives and industry leaders to uncover new opportunities, exchange best practices, and strengthen relationships. Focused on the...more

Proskauer Rose LLP

Regulation Round Up - May 2025

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Cooley LLP

Soroban: An Update After US Tax Court Ruling

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On May 28, 2025, the US Tax Court ruled that investment manager limited partners in Soroban Capital Partners were active limited partners and, as such, were ineligible for the limited partner exception to self-employment...more

Kilpatrick

The Ninth Circuit Rejects Plaintiffs’ Challenge to 401(k) Investments in Private Equity

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On May 22, 2025, the Ninth Circuit affirmed a district court’s decision to reject a class action lawsuit brought against fiduciaries of Intel defined contribution retirement plans that challenged the plan managers’ decision...more

Mayer Brown

UK Regulatory Update - Asset Management Sector - Quarterly Newsletter Q1 2025

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Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more

Troutman Pepper Locke

The One Big Beautiful Bill: Initial Analysis of Key Provisions for Investment Funds and Sponsors

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On May 22, 2025, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the Tax Bill). The Tax Bill proposes amendments to the Internal Revenue Code (the Code) that...more

Troutman Pepper Locke

Investment Management Update - Q1 2025

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Explore the latest legal developments and regulatory updates impacting funds, advisers, and industry participants, including SEC rule amendments, compliance extensions, and guidance on accredited investor verification....more

McGuireWoods LLP

From Scrutiny to Success: Insights From McGuireWoods’ Emerging Manager Conference

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McGuireWoods welcomed more than 1,200 emerging managers and limited partners (LPs) to The Ritz‑Carlton Dallas for the annual Emerging Manager Conference — the cornerstone of the firm’s Emerging Manager Program and preeminent...more

Seward & Kissel LLP

Interval Fund and Tender Offer Fund Opportunities

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Interval funds and tender offer funds – closed-end funds registered under the Investment Company Act of 1940 (1940 Act) – are gaining appeal among alternative and private fund managers seeking to access the retail and...more

A&O Shearman

IOSCO final report and guidance for liquidity risk management for CIS

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The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

Levenfeld Pearlstein, LLC

Independent Sponsor Series – Capital Provider Spotlight: A Conversation with Paul Moffatt of Encore One (Part Two)

To help businesses, investors, and deal professionals better understand the evolving independent sponsor landscape, Robert Connolly – a partner in LP’s Corporate Practice Group and leader of LP’s Independent Sponsor team –...more

Cooley LLP

Driving Business Growth Through Investment Funds: Analyses and Practical Insights for Chinese Biotechs

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Over the past few years, we have been deeply engaged in – and have closely observed – the rapid growth of Chinese biotech companies. Despite a challenging market environment, these companies have continued to make remarkable...more

A&O Shearman

FCA Handbook Notice 130

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The UK Financial Conduct Authority (FCA) has published Handbook Notice 130, which outlines updates to the FCA Handbook, including changes for fund managers stemming from the recommendations of the Investment Research Review...more

Woodruff Sawyer

Looking Into the SEC Future for Financial Services Companies

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As new Chair Paul Atkins begins to make his mark on the Securities and Exchange Commission, the news cycle has been heavily focused on crypto regulation. The SEC, however, is more than just a crypto regulator....more

Walkers

Thinking ahead: Key considerations for winding up Guernsey investment funds

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The process of winding up a Guernsey fund involves several important considerations that boards, fund managers, investment advisers and administrators must navigate carefully. This article explores six aspects which we...more

K&L Gates LLP

Europe: Ireland Agrees Mutual Recognition of Funds Framework With Hong Kong

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The Central Bank of Ireland (CBI) and the Securities and Futures Commission of Hong Kong (SFC) entered into a Memorandum of Understanding on 14 May 2025 establishing a framework for the mutual recognition of funds (MRF)...more

Cadwalader, Wickersham & Taft LLP

The FoHF Financing Playbook, May 2025 - FoHF Security

A lot of attention and press has been given to market volatility this year, including its impact on the fund finance industry. There is at least one sector of the fund finance industry that stands to benefit from this...more

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