You say Tomato and I say Linguini: Understanding the Differences between Separately Managed Accounts and Funds of One


You say Tomato and I say Linguini: Understanding the Differences between Separately Managed Accounts and Funds of One

By Graham Hunt

4/13/17 11:30 AM CT l Author: Stephanie Rodriguez

Non-CLE Webinar: You say Tomato and I say Linguini:  Understanding the Differences between Separately Managed Accounts and Funds of One
Presented by The Institutional Investors Committee
Monday, April 17, 2017
1:00 p.m. EST


  • Edward Klees, Chair, Institutional Investor Committee
  • Michael Neus, Senior Fellow, New York University School of Law


Fund managers are more willing these day to offer investment opportunities outside their commingled vehicles, and these alternative structures offer certain advantages to institutional investors.  The two alternative structures, separately managed accounts (an “SMA”) and single-member funds (aka a “Fund of One”), are not the same, and the structure the investor chooses can affect outcomes for both parties.  The two speakers, Ed Klees and Mike Neus, have worked on these structures for many years:  Ed, from the investor perspective; and Mike, from the fund manager point of view.  Ed and Mike have had an ongoing and (usually) friendly dialogue on this topic.  In this webinar they will share their knowledge and tips on how an investor should look at selecting either an SMA or a Fund of One for a specific manager and strategy.

The program will last up to one hour.

In addition to chairing the Committee, Ed Klees is a partner and chair of the endowments and foundations practice group at the Hirschler Fleischer law firm and a frequent speaker and author on investment law and compliance issues.  Ed was General Counsel of the University of Virginia Investment Management Company from 2008 to 2016, and from 2012 to 2016 he also co-taught a course on “Private Equity and Hedge Funds” at the University of Virginia School of Law.  From 1994 to 2008 he was chief investment counsel and compliance advisor at Howard Hughes Medical Institute.  He is a founding member and remains an “emeritus” participant in a group of inhouse counsel representing approximately 12 of the largest universities and foundations in the US and the UK.  Ed is a graduate of Columbia Law School.

Michael Neus is a Senior Fellow in Residence with the Program on Corporate Compliance and Enforcement at New York University School of Law.  Mike is a frequent author and lecturer on securities, compliance, hedge fund and private equity topics at industry events and for global regulators.  From 2005 through 2016, he was responsible for all legal, compliance, human resource and administrative matters as Managing Partner and General Counsel of Perry Capital, LLC.  Prior to joining Perry Capital in 2005, Mike was the Chief Operating Officer and General Counsel at RHG Capital, L.P., Chief General Counsel at Andor Capital Management, L.L.C., and General Counsel of Soros Private Funds Management LLC. Mike is a Senior Fellow of the Regulatory Compliance Association, and was formerly a Director, Chairman of the Investment Advisory Subcommittee, and member of the Executive Committee of the Managed Funds Association.  Mike is a graduate of Columbia Law School.

Registration is not required. Simply click here 5 minutes before the meeting is set to begin.

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