Stradley Ronon Stevens & Young represented Nationwide Financial in its agreement with HighMark Capital Management, Inc. to acquire 17 equity and bond mutual funds with $3.6 billion in assets. The transaction expands Nationwide’s mutual fund business and enables the company to offer a wider array of investment offerings to financial advisors and their clients. Stradley Ronon attorneys Barbara A. Nugent, Prufesh R. Modhera, Joshua N. Silverstein and Ranan Well led the transaction team.
The transaction has been approved by the boards of trustees of both mutual fund complexes and is expected to close by the end of the third quarter, pending the customary regulatory and shareholder approvals. Upon completion of the transaction, Nationwide Financial’s mutual fund business is expected to have approximately $51 billion in net assets under management.
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Stradley Ronon participated in the American Cancer Society’s Suits and Sneakers Challenge on March 21. Through a donation to the American Cancer Society, attorneys and employees were permitted to wear sneakers for the day. The money raised will support the American Cancer Society’s lifesaving initiatives.
Stradley Ronon’s participation in the challenge is indicative of its commitment to community service. The firm has been recognized as one of the region’s top mid-sized – companies with employees of 100-499 – corporate charitable givers consecutively since 2007 by the Philadelphia Business Journal.
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Stradley Ronon partner Bruce Leto served as a panelist for “Board Issues Roundtable: Independent Counsel Perspectives” at the Investment Company Institute’s 2013 Mutual Funds and Investment Management Conference on March 18 in Palm Desert, California. The panel was moderated by Amy Lancellotta, Managing Director at the Independent Directors Council. Mr. Leto’s presentation discussed registered alternative fund issues for independent trustees.
As chair of Stradley’s investment management/mutual funds practice group, Mr. Leto counsels investment companies, investment advisers, independent trustees and broker-dealers on securities and corporate matters relating to pooled investment products, including registered and unregistered, open- and closed-end investment companies, on registration, transactional and compliance matters.