Michael Butowsky

As part of the firm's financial services group, Michael Butowsky focuses on the representation of investment management industry participants, including investment advisers (IAs) and their products, such as private investment funds and managed accounts. Drawing on decades of in-depth knowledge of legal, product, and transactional precedent and practical industry experience, Michael guides clients through all aspects of the federal securities laws that affect their businesses.

For IAs, Michael provides advice regarding all aspects of "status," exemptions, registration, compliance programs, and SEC examinations, and, for non-U.S. IAs, he also assists with the implementation of Unibanco/participating affiliate arrangements. He also provides comprehensive advice regarding both traditional investment advisory issues (e.g., conflicts, custody, trade allocation and sequencing, disclosure, fiduciary duty, soft dollars/best execution, and marketing) and the more recent areas of regulatory focus (e.g., ESG, crypto, off-channel communications, and AI). His product experience includes all aspects of the formation, marketing, structuring, placement, and operation of dozens of private investment funds (e.g., PE, VC, hedge, real estate, and direct lending), as well as the negotiation and documentation of managed accounts, including wrap fee programs, unified managed accounts (UMAs), separately managed account programs, and one-off nondiscretionary and discretionary agreements.

Michael also advises IAs regarding the regulatory and commercial aspects of acquisitions and dispositions of IAs ranging from stand-alone, single-product IAs to IAs embedded in large investment banking organizations with a broad variety of clients. He also advises bank and non-bank lenders about the regulatory aspects of both lending to IAs and entering into subscription lines with private funds.

He provides advice to institutional investors in connection with alternative investments, including the negotiation of fund documentation and side letters, and advises RICs and BDCs on select regulatory topics under the Investment Company Act of 1940.

Michael began his legal career at a U.S. government agency and has since worked at several leading private law firms. He is a regular writer and presenter on investment management topics and the organizer and moderator of a longstanding monthly legal and regulatory asset management-focused discussion roundtable comprising compliance officers and lawyers from major financial institutions and stand-alone investment advisers.