Brexit and the U.S. Investment Industry: Strategies for U.S. Fund Managers
A drastic reshaping of the international financial landscape following the United Kingdom’s exit from the European Union — also known as “Brexit”— is the only real certainty for U.S. asset managers. Brexit's uncertain impact raises an important question: how will US asset managers continue to do business in the EU and UK, considering such drastic changes?
In the Post-Brexit climate, several U.S. managers who do business in European markets will need to adapt to the financial and regulatory changes that Brexit presents when assessing the EU market, such as the loss of the EU Parent Subsidiary Directive and other protections.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help fund managers understand the implications of Brexit to the U.S. Funds/Fund Management Industry, as well as possible scenarios and solutions.
Key topics include:
- Post-Brexit Market – Accessing the EU after Brexit
- Brexit’s Financial and Regulatory Implications for US Fund Managers
- Strategies for U.S. Fund Managers in accessing EU/UK capital
- Best/Worst Case Scenarios for US Fund Managers
- Possible Solutions
Gregg Beechey, Partner
Fried, Frank, Harris, Shriver & Jacobson LLP
- Using the UK to access the EU – what US managers have done in the past
- Impact of Brexit under different EU directives - AIFMD / MiFID
- Possible outcomes depending on what “Brexit means Brexit” actually means
- No Brexit at all?
- “Full” Brexit?
- Something in between?
- Alternatives for US managers?
- Use of Lux or Ireland instead?
- Stay at home in the US as an equivalent “third country”?
Winston Penhall, Partner
Reed Smith LLP
- Asset management and managing funds in the context of a full Brexit scenario sans an EEA-type deal
John Stadtler, Partner and Leader of U.S. Financial Services Industry Practice
- Firms need to take a strategic look at existing product offerings to see if they are still the “best fit” in a post-EU UK.
- Post-Brexit, UK asset and wealth managers could face higher withholding tax rates for investments in the EU.
- EU regulations may cause the UK to implement certain limits on asset and wealth manager compensation.
- Firms will likely need to ensure that their current organizational structures can operate effectively post-Brexit.
- Asset and wealth management firms should expect significant legal hurdles ahead.
Who Should Attend:
- Fund Managers
- Private Equity Managers
- Finance Executives
- Foreign Investors
- Chief Financial Officers
- Finance Lawyers
- Finance Professionals
- Corporate Counsel
- Other Related Professionals
John Stadtler has been Partner of PricewaterhouseCoopers LLP (PwC) since 1999 and has been its Leader of U.S. Financial Services Industry Practice since October 2014. Mr. Stadtler is a Senior Partner in PwC’s Global Financial Services Practice, focused on its Asset Management and Banking Industry Groups based in Boston, MA (USA). Mr. Stadtler is responsible for serving several large engagements in the financial services industry, including being responsible for global relationship management and corporate audit work performed for Global financial services providers, banks and asset managers. He is a Member of the American Institute of Certified Public Accountants and the Massachusetts Association of CPA's. He is a Contributor to his community through non-profit area volunteer work including local government boards and the American Red Cross of Massachusetts. Mr. Stadtler holds a B.S. from Villanova University in Accounting.
John Stadtler has been Partner of PricewaterhouseCoopers LLP (PwC) since 1999 and has been its Leader of U.S. Financial Services …
Winston is a partner in Reed Smith’s Investment Funds group based in the London office. He advises clients on investment management law and regulation with an emphasis on alternative investment funds.
Winston advises on manager establishment, closed-ended fund formation, open-ended fund formation, club deal structures and carried interest vehicle establishment and maintenance. He also counsels pension schemes and institutional investors on their managed account and pooled investments across the spectrum of asset classes.
On the regulatory front, Winston advises US and UK asset managers on AIFMD compliance and strategy and has a particular focus on depositary business.
Winston is the editor of the privatefundslaw blog, a contributing author of The International Capital Markets Review and has published and blogged widely on investment management law and practice. Winston is a practice area advisor to Lexis-Nexis LPA, a private equity legal knowhow resource platform for lawyers and in house counsel that is launching in 2017.
Winston is a partner in Reed Smith’s Investment Funds group based in the London office. He advises clients on investment …
Gregg Beechey is a corporate partner in Fried Frank's Asset Management Practice, resident in the London office.
Mr. Beechey is a regulatory attorney who focuses on alternative investment funds and the EU Alternative Investment Fund Managers Directive (AIFMD). He counsels a range of financial sector clients in connection with issues related to financial promotion, authorisation and ongoing compliance, structuring and marketing, regulatory capital, agreements with customers and service providers, anti-money laundering and Financial Conduct Authority regulation generally.
Prior to joining Fried Frank, Mr. Beechey was a partner at King & Wood Mallesons.
Mr. Beechey is consistently recognised by Legal 500 UK and Legal 500 US in the Financial Services (Non-contentious/Regulatory) category. His work on behalf of his clients was highlighted by Legal 500, particularly in advising “on how best to continue to access European capital as a result of the changes to the private fund market.”
Mr. Beechey is a member of the Invest Europe (EVCA) Financial Services and Regulatory Working Group. He was a member of the Financial Conduct Authority's Technical Consulting Group on the AIFMD Depositary Provisions and is an IMC member of the CFA (Chartered Financial Analyst) Society of the UK.
He qualified from BPP University Law School in 2000 and received an undergraduate law degree from University College London in 1997.
Mr. Beechey is admitted to practice in England & Wales.
Gregg Beechey is a corporate partner in Fried Frank's Asset Management Practice, resident in the London office. Mr. Beechey is …
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About PwC LLP
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.
About Reed Smith LLP
Reed Smith is a global relationship law firm with more than 1,800 lawyers in 26 offices throughout the United States, Europe, Asia and the Middle East.
Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute-resolution services in multi-jurisdictional and high-stakes matters, deliver regulatory counsel, and execute the full range of strategic domestic and cross-border transactions.
About Fried, Frank, Harris, Shriver & Jacobson LLP
Fried, Frank, Harris, Shriver & Jacobson LLP advises the world's leading investment firms, financial institutions and public and private corporations across all sectors on their most critical legal needs and business opportunities. The Firm's approximately 450 lawyers are based in North America and Europe.
Our global Asset Management Practice is comprised of 65+ lawyers and proud to be among the elite cadre of practices called upon by major financial institutions and well-seasoned sponsors to develop their fund complexes and see them through every stage of the investment cycle. The group is complemented and supported by our European and US private equity, finance, regulatory, compliance and tax teams to ensure our clients receive a 360-degree legal service. Such cross-border capabilities continue to lend our market-leading practice the opportunity to act for high-profile European and global clients across a range of asset classes, with a particular focus on private equity, infrastructure, energy/clean tech, venture/growth and credit.
Fried Frank’s clients benefit from our decades of experience providing legal and strategic advice on all aspects of fund formation and ongoing operations of funds and their managers. In addition, we advise clients on carried interest, co-investment and other incentive arrangements; fund restructurings/reorganisations, including management spin-outs; secondaries and spin-outs; LP representations; and placement agent representations.