Hedge Fund Law Report Profiles Funds Partner Brian Daly
Akin Gump investment management partner Brian Daly, who joined the firm in April (learn more here), was interviewed by Hedge Fund Law Report on his move to Akin Gump, his practice and his views on the hedge funds market in the U.S. and globally.
Discussing his practice at the firm, Daly said that it will “continue to be focused on delivering what’s now global regulatory solutions to large, high-profile clients across the world. That global element of the practice is something that is becoming essential – certainly for larger managers but even for smaller ones. He noted that some clients have told him that they can no longer think of regulatory problems in terms of a single regulator, but, instead, need to think globally and need their counsel to act globally. He added, “Obviously, Akin Gump has resources across the globe in the funds and regulatory spaces.”
Daly, who has academic and professional experience in Asia, said, regarding funds in the region, “It’s not accurate to say that the private funds space in Asia is maturing anymore – it has matured. There are a number of large managers over there and launches coming out of Asia that quickly ramp up to the $1 billion mark. You have managers in Asia that are attracting capital from the traditional U.S. allocators, as well as allocators in Asia that are allocating to Asian managers and, of course, to U.S.- and European-based managers.” He added that it is an exciting time to be working with clients in Asia.
Among other interview highlights:
- Launching a private fund in Asia: “You have to register individuals, who have to hold certain licenses and registrations. They have to be approved by the local regulator, in Hong Kong or Singapore in particular, and that requires more planning.”
- COVID and the funds industry: “The switch to remote trading or remote investment management seems to have been, for most managers, if not flawless, something pretty close to it. That’s a testament to the amount of investment that managers made in their systems and technology over the years. The pandemic, in many ways, acted as a trigger for changes that were waiting to happen.”
- COVID and the SEC: “Within a few weeks of the switch being thrown to go remote, the exam staff converted from a largely in-person process to routinely conducting exams on a fully remote basis. From what I can tell from the exams I’ve been on, their effectiveness and thoroughness don’t seem to have been impacted at all and maybe, in some ways, was even enhanced.”
- The SEC under new Chair Gary Gensler: “When Gensler was at the CFTC, he turned it into a much more well-known and more impactful regulator, and I expect that his tenure at the SEC is going to be similarly impactful. The Gensler Commission will be something people are talking about in 15 or 20 years.”
To read the full interview, click here.