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Pillsbury’s Investment Funds & Investment Management (IFIM) group is a vital and strategic part of our platform. We are pleased to announce new leadership and structure for the group.

Partners Kimberly Mann in Washington, DC and Ildiko Duckor in San Francisco will co-lead the IFIM group. The group now integrates all investment management and funds professionals across the firm’s offices. Our interdisciplinary approach also draws on the experience of other practices that enhance the depth and scope of our services to clients. The IFIM group now comprises more than two-dozen business and litigation attorneys in London, Los Angeles, New York, San Francisco, Silicon Valley, Tokyo, and Washington, DC. Together, the group’s experience extends across the following disciplines: manager and fund formation and compliance, private equity, hedge funds, registered funds, tax, ERISA, complex transactions, finance and derivatives, employment, bank regulation, real estate, estate planning, regulatory investigations, and civil and criminal litigation. Our London office provides U.K. legal capabilities and a window into the E.U. Our offices in Tokyo, Beijing and Shanghai provide access to the Asian markets.

Kim Mann has been with the firm for 18 years. She focuses her practice on private  funds, including, formation and maintenance, and represents domestic and international fund sponsors, general partners and fund managers in structuring, organizing and negotiating the terms of private equity, venture capital, mezzanine debt and real estate funds. A significant aspect of her practice also involves representation of institutional investors in private fund investments, direct investments, co-investments and other matters involving alternative investments. She also advises private funds, investment advisers and broker-dealers in matters relating to registration under and regulatory compliance with federal and state securities laws. Her transactional practice includes, among other things, acquisitions and dispositions by entities regulated under the Investment Company Act, the Securities Exchange Act and the Investment Advisers Act.

Before joining Pillsbury, Kim practiced corporate and securities law at Miles and Stockbridge in Baltimore, Maryland.

She is a member of the ALI-CLE faculty and serves on the Regulation D Offerings and Private Placements panel. She is also a Certified Public Accountant.

Ildiko Duckor provides strategic and legal advice for clients in the investment management industry. She has represented hedge fund managers, other investment advisers, dually registered adviser-brokers, commodity pool operators and commodity trading advisors with respect to the structuring, registration, operation and management of their firms, domestic and offshore private funds, and accounts. Ms. Duckor has extensive experience preparing and negotiating agreements for various managed account, funds-of-one and subadvisory arrangements.  She regularly negotiates on managers’ behalf investments by institutional investors (side letters) and seed capital arrangements. Ms. Duckor also counsels her clients on state and federal regulatory compliance matters and helps them develop compliance and internal control policies and procedures.

Ildi Duckor’s prior experience in the investment management area includes both private practice (Schulte Roth & Zabel LLP in New York) and in-house (Barclays Global Investors, N.A., now BlackRock). Previous industry engagements include Chair of the policy committee of the California Hedge Fund Association and membership on the steering committee of the Association of Women in Alternative Investing.

Ailyn Cabico, the group’s experienced legal assistant, continues to assist clients with their Form ADV, regulatory filings and other paralegal needs, including the updates to the Form ADV due on March 31, 2015.  Should you need assistance with these filings, please contact Ailyn at ailyn.cabico@pillsburylaw.com and Ildi Duckor at ildiko.duckor@pillsburylaw.com.

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In a February 2015 Guidance Update, the Securities and Exchange Commission’s Division of Investment Management (“SEC”), provided guidance on the acceptance of gifts or entertainment by fund advisory personnel under Section 17(e)(1) of the Investment Company Act of 1940 (the “Act”). Section 17(e)(1) provides that any affiliated person of a registered investment company, or any affiliated person of such person acting as agent, is prohibited from receiving any compensation, outside of regular salary or wages, for the purchase or sale of any property to or for the registered company or any controlled company thereof. The SEC has found that gifts or entertainment meet the definition of “compensation” as it is used in Section 17(e)(1), and proof of any intended or actual influence is not required. Pursuant to Rule 38a-1 of the Act, a fund must implement written policies and procedure designed to prevent the fund and its service providers from violating securities laws. The Guidance Update suggests that the policies and procedures concerning the receipt of gifts or entertainment should be included in the fund’s compliance policies and procedures, though it defers to the fund to determine whether there should be an outright ban, or a type of pre-clearance to determine if the gift or entertainment would violate Section 17(e)(1).