Sullivan & Worcester LLP has extensive experience advising independent directors and trustees of investment management firms, with the establishment and registering of new funds, including but not limited to exchange traded funds, variable retail and insurance open- and closed ended funds. The investment management team are also frequently engaged as fund counsel in relation to compliance and shareholder matters and board advice. David Leahy and David Mahaffey jointly lead the practice from the firm's Washington DC location, with the former advising clients on the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933 and the Securities Exchange Act of 1934, while the latter specializes on federal securities law, for a whole host of registered funds clients. Nicole Crum is another key name in Washington DC and works with boards and board committees on staying compliant with SEC regulations and through government and internal investigations, while John Chilton is well versed in registered fund transactions, and Domenick Pugliese counsels independent directors of mutual funds, ETFs and variable annuity trusts. Rachael Schwartz was promoted to partner in January 2023.

Legal 500 Editorial commentary

Testimonials

Collated independently by Legal 500 research team.

  • ‘Experience in 1940 Act registered funds. Experience in working with independent trustees. Experience in practicing before the SEC. Collaborative style and exceptional people including diversity.’

  • ‘The attorneys we deal with are very knowledgeable and experienced. They listen carefully and provide solid and practical advice.’

  • ‘David Mahaffey - David is very experienced in this area. He is responsive, timely and helps us seek practical solutions to issues.’

Key clients

  • Independent Trustees of the John Hancock Funds, including John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Funds III and John Hancock Closed-End Funds.
  • Manulife/John Hancock Funds: Hancock GA Mortgage Trust, John Hancock Senior Loan Trust, John Hancock Asset-Based Lending Fund, Manulife Private Credit Fund, Manulife Private Client Credit Plus Fund
  • Independent Trustees of the Pacific Select Fund and Pacific Funds Series Trust
  • Independent Directors of the Legg Mason Closed-End Funds
  • Independent Trustees of the Virtus Mutual Funds and Virtus Variable Insurance Trust
  • Corebridge VALIC Retirement Funds and their Independent Directors
  • Pear Tree Funds and their Independent Trustees
  • Independent Trustees of the Matthews Asia Funds
  • Advisors Series Trust and their Independent Trustees
  • Professional Managed Portfolios and their Independent Trustees
  • Ultimus Managers Trust and its Independent Trustees
  • Tidal ETF Trust II and its Independent Trustees

Lawyers

Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Sullivan & Worcester LLP
Nicole is the leader of the firm’s Investment Management Group, as well as Chair of Sullivan's Corporate Governance & Board Advisory Practice. Nicole also serves as Co-Chair of the firm's Lateral Partner Hiring Committee. Nicole’s practice focuses on the representation of boards and board committees, including independent directors, as well as broad spectrum of private and public companies and non-profits. Nicole regularly advises on all aspects of governance and compliance, including crisis and conflict management, regulatory oversight and compliance, government and internal investigations, and shareholder and stakeholder engagement issues. Nicole counsels clients on all aspects of governmental and self-regulatory organization regulation. She is widely known as a trusted adviser to clients. In recognition of her work, Nicole was recognized by Best Lawyers in America®, named one of the top ten women investment management lawyers by Fund Board Views, and was also named a "Next Generation Lawyer" and a "Recommended" lawyer by The Legal 500 US. In 2019, she was included on DCA Live's inaugural list of the top Emerging Women Leaders in Private Practice. She was named a "Rising Star" at the Mutual Fund Industry Awards by Fund Action/Fund Intelligence and is a former member of the Firm's Diversity, Equity and Inclusion Committee. Nicole served as Chair of the Firm's Women's Initiative from 2017-2021 and is a 2017 Fellow of the Leadership Council on Legal Diversity. Prior to joining Sullivan, Nicole was an associate at Winston & Strawn and Baker & McKenzie. She has an LL.M. from University College London focusing on international law with focus on international human rights and investment and worked on investment and human rights as a legal fellow at Amnesty UK (London) and Amnesty USA (DC).

Practice head

The lawyer(s) leading their teams.

David Leahy, David Mahaffey