Kenneth S. Gerstein has made the focus of his practice representing investment advisers, broker-dealers and banks in connection with the organization and operation of investment funds, including mutual funds, hedge funds, closed-end investment companies, business development companies and bank collective investment funds, and in connection with the development of other types of investment-related products and services. Ken has worked with clients in developing novel hybrid fund products, including registered hedge funds and registered funds of hedge funds. He also advises clients on a broad range of securities regulatory and compliance matters, and represents mutual fund independent directors.

Prior to entering private practice, Ken served as special counsel in the SEC's Division of Investment Management in Washington, D.C. He is a member of the American Bar Association's Committee on the Federal Regulation of Securities and its Subcommittee on Investment Companies and Investment Advisers, and has been a member of the New York City Bar Association's Committee on Investment Management Regulation. He is a frequent speaker and author on issues related to investment funds and investment advisers. After receiving his undergraduate degree from the Wharton School of the University of Pennsylvania, Ken went on to obtain a J.D. from the James E. Beasley School of Law at Temple University, where he was a member of the Law Quarterly, and an LL.M. from Georgetown University Law Center.

Publications

“Do Your Advisers Consider Material ESG Risks?” BoardIQ, April 23, 2019

Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press) (co-author)

Private Equity Funds: Formation and Operation (Practising Law Institute) (contributor)

“Registered Investment Company Update: New Guidance on Liquidity Risk Management Programs,” SRZ Alert, Feb. 7, 2018 (co-author); republished in The Hedge Fund Journal, March 2018

“Registered Investment Company Update: New Guidance on Liquidity Risk Management Programs,” SRZ Alert, Feb. 7, 2018 (co-author)

“SEC Delays Form N-PORT Filing Requirements and Adopts Related Temporary Final Rule,” SRZ Alert, Jan. 17, 2018 (co-author); republished in The Hedge Fund Journal, January 2018

“Business Development Company Update: Excessive Fees Lawsuit Against Adviser Dismissed,” SRZ Alert, March 2, 2017 (co-author); republished in The Investment Lawyer, June 2017

“SEC Proposes Rule Governing the Use of Derivatives and Short Sales by Registered Investment Companies and Business Development Companies,” SRZ Alert, Jan. 15, 2016 (co-author); republished in Westlaw Journal — Derivatives, March 24, 2016

“Maintaining Your Hedge Fund Track Record When Launching a Liquid Alternative Mutual Fund,” Absolute Return, Nov. 3, 2014 (quoted)

“KKR Launching Retail Funds,” SRZ Alert, Aug. 1, 2012 (co-author)

“CFTC Finalizes Significant Rule Changes Affecting Fund Managers and Investment Companies,” SRZ Alert, Feb. 10, 2012 (co-author)

SRZ Registered Fund Developments, Spring 2009 (co-author)

“Registered Fund With Performance Fee May Permit Share Transfers To Persons Who Are Not Qualified Clients,” SRZ Investment Management Developments, Spring 2002 (co-author)

“SEC Staff Provides Additional Guidance on Mutual Fund Pricing,” SRZ Investment Management Developments, Summer 2001 (co-author)

“SEC Adopts Rule Prohibiting Misleading Mutual Fund Names,” SRZ Investment Management Developments, Winter 2001 (co-author)

“Alternative Investments in the Mutual Fund World,” Chapter 4 in Capital Guide to Offshore Funds, ISI Publications, 2001

“Securities Regulation and the Emerging Online Financial Institution,” SRZ Internet & Securities Law Seminar Booklet, Nov. 14, 2000

“SEC Proposes To Require Disclosure Of Mutual Fund After-Tax Investment Returns,” SRZ Investment Management Developments, Summer 2000 (co-author)

“SEC Provides Mutual Fund Pricing Guidance,” SRZ Investment Management Developments, Spring 2000 (co-author)

“SEC Proposes Rule To Ban ‘Pay-To-Play’ By Investment Advisers,” SRZ Investment Management Developments, Summer 1999 (co-author)

“Surviving An SEC Inspection: Examinations of Registered Advisers,” SRZ Private Investment Funds Seminar, Jan. 28, 1999 (co-author)

“Portability of Performance Information,” SRZ Private Investment Funds Seminar, Jan. 29, 1998 (co-author)

“Acquisitions of Investment Company Advisers,” Chapter 16 of The Investment Company Regulation Deskbook, 1998

“Investment Advisers and Fund Boards Must Consider Year 2000 Issues,” SRZ Investment Management Developments, Fall 1997

“Mutual Funds Permitted to Show Performance Information of Other Similarly Managed Accounts,” SRZ Investment Management Developments, Summer 1997 (co-author)

“Trading Policies Should Provide for Advance Disclosure and Consent for Personal Trades,” SRZ Investment Management Developments, Spring 1997 (co-author)

“Acquisition of Mutual Fund Advisors: Practical Issues,” The Investment Lawyer, April 1994

Speaking Engagements

“Designing and Launching 1940 Act Regulated Funds: A Practical Guide,” SRZ 26th Annual Private Investment Funds Seminar, New York, January 2017

“Mutual Fund Liquidity Risk Management Programs: What You Need to Know About New 1940 Act Rule 22e-4,” SRZ Webinar, December 2016

“Managing ‘40 Act Funds: What Alternative Investment Managers Need to Know,” SRZ Webinar, September 2016

“Permanent Capital and Other Registered Funds: Access to New Capital Sources,” SRZ 25th Annual Private Investment Funds Seminar, January 2016

“Issues for Hedge Fund Managers Acting as Sub-Advisers to Registered Funds,” MFA Outside Counsel Forum, June 2014

“Blurred Lines: Alternative Strategies in the Retail Funds Market,” ICI 2014 Mutual Funds and Investment Management Conference, March 2014

“2014 Outlook on ‘40 Act Funds,” InfoVest21 Seminar, January 2014

“Marketing Opportunities and Challenges,” SRZ 23rd Annual Private Investment Funds Seminar, January 2014

“1940-Act Registered Funds,” UBS Premier Hedge Fund Client Conference, April 2013

“Opportunities for Hedge Fund Managers in the Registered Funds Space,” SRZ 22nd Annual Private Investment Funds Seminar, January 2013

“CFTC Update: What Fund Managers Need to Know,” SRZ Investment Management Hot Topics, October 2012 

Frequently speaks at conferences sponsored by Practising Law Institute (PLI), ALI- ABA, the Investment Company Institute and other organizations.

“Sources of Capital: Capital Markets, Registered Funds and Seeding Arrangements,” SRZ 20th Annual Private Investment Funds Seminar, January 2011

“Transparency,” Citibank Hedge Fund Services Breakfast, June 2010

“Registered Funds and UCITS: Reaching New Capital and Markets,” SRZ Investment Management Hot Topics, October 2009

“Preparing for SEC Registration and New Reporting Requirements,” SRZ Investment Management Hot Topics, September 2009

“Update on Regulation of Funds and Fund Managers,” SRZ Audio Conference Series, June 2009

“Mutual Funds and Alternative Investment Products: Issues for Investment Advisers,” ICI 2008 Mutual Funds and Investment Management Conference, March 2008

“Fiduciary and Regulatory Issues Associated with Prime Broker Relationships and the Use of Derivatives,” SRZ Investment Management Hot Topics Seminar, September 2007

“Compliance Matters: Hot Button Issues for 2007,” SRZ Greenwich Private Investment Funds Seminar, May 2007

“Registered Alternative Funds,” SRZ Greenwich Private Investment Funds Seminar, May 2006

“Registered Alternative Investment Funds: Exploring the Opportunities,” Registered Alternative Funds: New Products for New Markets Seminar, April 2006

“Hedge Fund Distribution: Regulatory Hot Buttons,” SRZ 15th Annual Private Investment Funds Seminar, January 2006

“Hedge Funds: Recent Developments and New Challenges,” 40 Acts Luncheon Committee Panel, 2006

ABA Section of Business Law Spring 2006 Meeting

“Alternative Investments - Key Decisions on the Horizon: Where is the Industry Heading?” PFPC Leadership Summit, November 2006

“Implementing the New Compliance Rule and the Role of the Compliance Officer,” Financial Research Associates Investment Adviser Compliance Forum, May 2004

Memberships

  • American Bar Association
    • Committee on the Federal Regulation of Securities
    • Subcommittee on Investment Companies and Advisers, 2005-2007
  • New York City Bar Association  
    • Committee on Investment Management Regulation

Prior Experience

  • Cadwalader, Wickersham & Taft 
  • Gordon Altman Butowsky Weitzen Shalov & Wein
  • U.S. Securities & Exchange Commission, Washington, D.C.    
    • Special Counsel, Division of Investment Management