Managing Legal Counsel – U.S. Registered Funds and Subadvised Funds
About The Position
The U.S. Registered Funds Legal team provides legal and strategic support to T. Rowe Price’s registered investment products and products for which it serves as subadviser, including mutual funds, ETFs, closed-end funds, and other registered investment vehicles. The Managing Legal Counsel supports the U.S. registered funds platform, with a significant focus on the subadvised fund business and related product initiatives. The role works with external clients and internal business partners on legal and regulatory matters, client onboarding and inquiries, regulatory developments, filings, governance materials, disclosures, and other issues affecting registered funds. The position provides specialized legal counsel and practical solutions for subadvised and proprietary registered funds. It advises on existing and proposed laws, rules, and regulations, including the Investment Company Act of 1940, the Investment Advisers Act of 1940, and related securities laws. The role partners with business, Legal, Compliance, and other internal and external stakeholders to support decision-making and the registered funds platform.
Requirements
- Juris Doctor (J.D.) degree from an accredited law school.
- Active license to practice law and admission to the Maryland State Bar or another state bar.
- At least 10 years of total relevant legal experience.
- Significant experience advising registered investment companies, investment advisers, or other financial services organizations.
- Strong knowledge of federal securities laws and regulations, including the Investment Company Act of 1940 and Investment Advisers Act of 1940.
- Experience drafting, negotiating, and interpreting complex investment management agreements and related legal documentation.
- Ability to analyze complex legal and regulatory issues and provide practical, business-focused legal advice.
- Strong communication and relationship-management skills, including effectiveness working across business and functional teams.
Nice To Haves
- Experience supporting SEC-registered funds, subadvised funds, and institutional investment products.
- Experience advising on fund disclosure, regulatory filings, investment restrictions, and compliance matters.
- Experience advising registered investment companies and preparing registration statements, prospectuses, shareholder disclosures, and related SEC filings.
- Experience preparing materials for registered fund boards and board committees and advising them.
- Ability to influence stakeholders and manage complex cross-functional initiatives.
- Strong client relationship and project management skills.
Responsibilities
- Serve as the primary legal advisor for a portfolio of subadvised registered fund clients and investment strategies.
- Provide counsel on the formation, registration, launch, governance, and ongoing maintenance of registered investment products, particularly subadvised funds.
- Advise business partners on client-specific impacts, product development initiatives, product changes, and related regulatory considerations.
- Consult with clients and internal partners on securities laws, SEC rules and guidance, exchange requirements, and industry developments.
- Lead negotiation, drafting, and interpretation of investment management agreements, subadvisory agreements, confidentiality agreements, side letters, amendments, and other client-facing documents.
- Advise on investment guideline development and revisions, client-specific requirements, fee schedule changes, and related contractual implications.
- Identify legal risks and develop solutions aligned with business objectives, firm standards, and regulatory requirements.
- Review client questionnaire responses, due diligence materials, board-related documentation, and contract renewal materials.
- Partner with Product, Investments, Capital Markets, Trading, Distribution, Operations, Compliance, Risk, and other stakeholders on matters affecting the subadvised and registered fund platform.
- Monitor and analyze regulatory developments and industry trends affecting registered funds, and advise stakeholders and clients on potential impacts.
- Assist with preparation, review, and maintenance of registration statements, prospectuses, statements of additional information, shareholder communications, board materials, and other regulatory filings and disclosures.
- Conduct legal analysis and research on business and regulatory matters and provide practical recommendations to clients and internal stakeholders.
- Provide guidance and support to less experienced Legal Department colleagues as appropriate.
Benefits
- Competitive compensation
- Annual bonus eligibility
- A generous retirement plan
- Hybrid work schedule
- Health and wellness benefits, including online therapy
- Paid time off for vacation, illness, medical appointments, and volunteering days
- Family care resources, including fertility and adoption benefits
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What This Job Offers
Job Type
Full-time
Career Level
Senior
Education Level
Ph.D. or professional degree
