Renee M. Hardt

Renee Hardt advises investment advisers and registered funds, including mutual funds and ETFs, on corporate, securities, regulatory and governance matters affecting the investment management and registered fund industry.

She spends a significant amount of her practice representing boards of registered funds, including their independent board members, and is a seasoned and trusted adviser to board members on how to navigate the complex regulatory requirements applicable to their role.

Renee counsels adviser and fund clients on issues arising under the federal securities laws, including the Investment Advisers Act, the Investment Company Act and related regulation, including evolving SEC requirements. She provides advice to fund boards on risk and governance matters, disclosure requirements, conflicts of interest, litigation, succession planning, director and officer liability insurance, fund mergers and new products, adviser and service provider oversight, and ongoing compliance matters and oversight. Renee advises registered funds and advisers on matters such as compliance programs, SEC exemptive orders and no-action letters, regulatory examinations, disclosure and reporting filings, and other complex regulatory matters.

Clients value Renee’s clear, practical guidance and her ability to translate regulatory expectations into commercially minded solutions. She works closely and collaboratively with in-house legal, other fund counsel and compliance teams to address regulatory challenges in a productive manner for the various parties.

Renee frequently writes and speaks on investment management topics at industry conferences. She co-authored two chapters in the PLI book on Mutual Fund Regulation and previously chaired the Chicago Bar Association’s Investment Company Subcommittee and co-edited the firm’s Investment Services Regulatory Update.

Experience

• Represented fund independent directors in a prominent industry Section 36(b) “excessive fee” case in federal court where the investment adviser successfully prevailed and the judge ruled against the plaintiff’s claim. On subsequent appeal, the Court of Appeals upheld a judgment for the adviser and favorably cited the board’s robust process.
• Advises independent directors on succession planning and long-term governance structures.
• Counsels funds and boards on adviser changes of control arising from acquisitions and founder transitions.
• Represents independent directors in connection with an adviser’s acquisition and integration of multiple large fund complexes.
• Advised a proposed slate of independent directors in the first conversion of a unit investment trust into an ETF.