Senior Counsel, Asset Management

Duties/Responsibilities:

LGIP and Fund Documentation

·         Draft, review, and maintain all fund agreements for the LGIPs and programs PTMA advises, including trust agreements, intergovernmental and joint powers agreements, participant agreements, and investment advisory agreements.

·         Prepare, update, and coordinate the annual and interim review of information statements, offering documents, and related participant disclosures to ensure they are accurate, complete, and consistent with current operations.

·         Work with the business and compliance to 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.

·         Work with the business on board materials, legal summaries, and attending meetings as needed.

·         Monitor state statutes governing public funds investment and LGIPs, and advise the business on changes that affect 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.

Required Skills/Abilities:

·         In debt 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 and keep 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 with related documents such as information statements, investment policies and guidelines, custody agreements, trading agreements, and repurchase agreements.

Preferred Experience

·         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.

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

NO AGENCIES PLEASE

The pay range for this role is:

160,000 - 195,000 USD per year (Naperville, Illinois)

160,000 - 195,000 USD per year (Remote)