It can be said that fiduciary duty is the top legal responsibility of private fund managers under U.S. securities law. It governs virtually everything they do, requiring them to put clients and investors first and foremost. It’s such a seemingly straightforward obligation but there are curves in the path, and one of the harder ones to navigate is a conflict of interest. You are duty-bound to make the right decision as a fiduciary, yet you’re both the actor and the arbiter.

Section 206 of the Investment Advisers Act of 1940 makes clear that failing to appropriately disclose and manage conflicts is a breach of fiduciary duty. Yet sometimes disclosure isn’t enough, and some conflicts cannot ultimately be managed. Knowing when to do what can be tricky, but there’s plenty of guidance on obligations and expectations alike if you know where to look – and what you’re looking at.

On August 7, please join AIMA and Schulte Roth & Zabel for a webinar on managing conflicts of interest in alignment with fiduciary duty, taking a back-to-basics look at obligations, expectations, and best practices. During this session, we will discuss obvious requirements, some of the less-obvious issues, and that somewhat-stealthy 2019 Fiduciary Interpretation that seems set to have its time in the spotlight soon enough.

We hope that you will join us for this important discussion. As always, attendee questions are welcome and encouraged.

Panelists:

• Kelly Koscuiszka, Partner, Schulte Roth & Zabel LLP
• Tarik Shah, Special Counsel, Schulte Roth & Zabel LLP
• Suzan Rose, Senior Adviser, Government and Regulatory Affairs, AIMA