Full Job Description
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)
The pay range for this role is:
160,000 - 195,000 USD per year (Naperville, Illinois)
