Paul N. Roth is a founding partner of the firm and chair of the Investment Management Group. Throughout his career, Paul has acted as counsel to leading public and private companies in financial services and to their boards of directors. His extensive private investment funds practice, an area in which he has more than 45 years of experience, includes the representation of hedge funds, private equity funds, offshore funds, investment advisers and broker-dealers in connection with fund formations and compliance, securities regulation, mergers and acquisitions (domestic and cross-border) and other financial transactions. Considered the “dean of the hedge fund bar,” Paul serves as a special adviser to the board of directors of the Managed Funds Association (MFA) and is a former member of the Legal Advisory Board to the National Association of Securities Dealers (NASD). He chairs the Subcommittee on Hedge Funds of the American Bar Association’s Committee on Federal Securities Regulation and is a former chair of the New York City Bar Association’s Committee on Securities Regulation.

Paul has been recognized as a leading funds lawyer by The Best Lawyers in America, which also named him New York City Private Funds/Hedge Funds Law Lawyer of the Year. He also continues to be recognized by Chambers Global, Chambers USA, IFLR1000Expert Guide to the Best of the Best USAExpert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers, Lawdragon 500 Leading Lawyers in America, The Legal 500 US, New York Super Lawyers, PLC Cross-border Investment Funds Handbook, Who’s Who in American Law, Who’s Who in America and Who’s Who Legal: The International Who’s Who of Private Funds Lawyers. Paul was recently honored at The Hedge Fund Journal Awards for his outstanding achievement in the hedge fund industry. He also received a Lifetime Achievement Award from Hedge Funds Care in recognition of his prominence in the hedge funds industry and his extraordinary commitment to philanthropy. He was named to HFMWeek’s 2010 list of the 50 most influential people in hedge funds. Paul is a former lecturer at the University of Pennsylvania’s Wharton School, where he taught “Responsibility in Professional Services.” He is also an Adjunct Professor of Finance at NYU Stern School of Business, where he taught “Managing Financial Businesses” during Fall 2011 and Fall 2012, and an Adjunct Professor of Law at NYU School of Law, where he is teaching “Law and Management of Financial Services Businesses.” Paul graduated magna cum laude from Harvard College, cum laude from Harvard Law School and was awarded a Fulbright Fellowship to study law in the Netherlands. He served on the Advisory Board of Harvard Law School’s Center on Lawyers and the Professional Services Industry and formerly served as president and a trustee of the Harvard Law School Alumni Association of New York City. In addition, he is a senior director of the Legal Defense Fund of the NAACP and a member of the advisory board of the RAND Center for Corporate Ethics and Governance, and he is a fellow of the New York Bar Foundation and the Phi Beta Kappa Society.

Publications

Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press), 2013-2014 (co-author)

“The SEC’s JOBS Act Rulemaking: What It Means for Private Fund Managers,” SRZ Client Alert, July 24, 2013 (co-author)

“Dodd-Frank Becomes Law: Key Issues for Private Fund Managers,” The Hedge Fund Journal, September 2010 (co-author)

“The Devil in Dodd-Frank,” AR: Absolute Return + Alpha, Aug. 10, 2010

“Recent Areas of Focus in SEC Examinations of Hedge Fund Advisers,” Practical Compliance & Risk Management for the Securities Industry, September-October 2009

“Fleshing It Out,” The Deal, March 2009

“An Alternative Approach to SEC Examinations,” HedgeFund Intelligence, Spring 2007

“Removing the Shroud of Secrecy,” Alpha, September 2006

“Solving the Legal Issues,” Road Map to Starting a Hedge Fund (Absolute Return Special Report), December 2003

“Hedge Funds Regulation in the Aftermath of Long Term Capital Management,” Hedge Funds: Law and Regulation (Sweet & Maxwell), 2000

“Proposed Section 3(c)7: A New Exception for Private Pool Investing,” The Investment Lawyer, June 1996

“Critical Legal and Regulatory Issues,” Hedge Funds Investment and Portfolio Strategies for the Institutional Investor (Irwin Professional Publishing), 1995

Speaking Engagements

SRZ Private Investment Funds Seminars, 1991-2018

Co-Host, “Richard Ravitch on the Municipal Bond Market,” CUNY TV Beyond the Bottom Line, October 2018

Co-Host, “Tom Hardin — Insider Trading,” CUNY TV Beyond the Bottom Line, October 2018

Co-Host, CUNY TV Beyond the Bottom Line, September 2018

Walkers 10th Annual Fundamentals Seminar, November 2017

“Ethics in a Bottom Line World,” Baruch College HSBC Student Series on Ethics and Accountability, May 2016

American Conference Institute 2016 Operations for Alternatives, February 2016

“A View from Both Sides of the Enforcement Fence,” Managed Funds Association Compliance Conference, May 2015

“Still Spry at 75: Reflections on the Investment Company Act and the Investment Advisers Act,” American Bar Association 2015 Business Law Section Spring Meeting, April 2015

“Alternative Industry Update & Outlook,” Alpha Research Group 2015 Operations for Alternatives, February 2015

“The M&A Environment, Shareholder Rights, and the Evolving Role of Activist Investors,” The Harvard Law School Association of NYC Law & Economics Thought Leaders Speaker Series, May 2014

Moderator, “Opening Armchair Chat with Drew Bowden, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission,” Managed Funds Association Compliance Conference, May 2014

Co-Chair, International Bar Association 15th Annual International Conference on Private Investment Funds, March 2014

“Expertise and Experience — How the Collision of Hedge Funds, Private Equity and Mutual Funds Are Shaping the Way Managers and Investors Act Around the Globe” and “When Things Go Wrong,” Alpha Research Group 2014 Operations for Alternatives, March 2014

“Hedge Funds” and “Regulatory and Enforcement Trends and Developments Affecting Investment Advisers, Investment Companies and Private Funds,” American Bar Association Business Law Section Fall Meeting, November 2013

“The Latest Developments with Investment Companies, Private Funds and Investment Advisers,” Practising Law Institute 45th Annual Securities Regulation Institute, November 2013

“JOBS Act: SEC’s New Regime for Private Placements,” Practising Law Institute Webinar, July 2013

Co-Chair, International Bar Association 14th Annual International Conference on Private Investment Funds, March 2013

“Activism,” Harvard Law School’s Harvard Association for Law and Business Meeting, March 2013

“How Legal and Business Policy Can Foster Growth and Help the US to Better Economic Performance Moving Forward,” The Harvard Law School Association of NYC Law & Economics Thought Leaders Speaker Series, February 2013

Moderator, “Armchair Chat: Carlo di Florio, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission,” Managed Funds Association Compliance Conference, November 2012

“Navigating the Current Regulatory Framework: Opportunities & Challenges,” Citadel Asset Management Global China Roundtable, November 2012

“Regulatory Change in Europe: What’s the Impact on Global Managers?” Hedge Fund Intelligence Absolute Return Symposium, November 2012

“Role of Hedge Funds in the Financial Crisis and the Contribution of Hedge Funds to Systemic Risk,” RAND Corporation Symposium on Hedge Funds and Systemic Risk, September 2012

Alternative Investment Management Association New York Global Regulatory Seminar, September 2012

“Potential Impact of JOBS Act on Hedge Fund Industry,” Goldman Sachs Webinar, April 2012

“New Regulated World of Private Fund Managers,” Practising Law Institute Investment Management Institute, February 2012

“Headwinds in the Global Economy and Strategies for Regaining Traction,” George Washington University Center for Law, Economics and Finance, December 2011

“MFA’s Global Legislative and Regulatory Outlook — Where are We Now?” Managed Funds Association Outlook, October 2011

“New Developments in the Changing Regulatory Landscape,” Deutsche Bank Global Prime Finance Hedge Fund Conference, October 2011

Moderator, “How Can Asian Hedge Funds Match Investors’ Evolving Risk and Return Requirements?” and “Evaluating Investors’ Needs for Improved Operational Compliance in Hedge Funds,” Terrapinn 14th Annual Hedge Funds World Asia, September 2011

“Institutional Investors and Hedge Funds: A Maturing Relationship,” American Bar Association Annual Meeting, August 2011

“Regulation of Alternative Investment Managers,” International Bar Association 22nd Annual Conference on the Globalisation of Investment Funds, May 2011

Alternative Investment Management Association Policy & Regulatory Forum, March 2011

Co-Chair, International Bar Association 12th Annual Private Investment Funds Conference, March 2011

“New Regulated World of Private Funds,” Practising Law Institute Investment Management Institute, February 2011

“Dodd-Frank: Impact on Hedge Fund and Other Advisers,” American Bar Association Business Law Section Fall Meeting, November 2010

Lecturer, New York University MBA Class, October 2010

Morgan Stanley Legal and Regulatory Conference, October 2010 

Moderator, “MFA's Legislative and Regulatory Outlook,” Managed Funds Association Outlook, October 2010

American Bar Association Section of Business Law Annual Meeting, August 2010

“FinReg's Hedge Fund Impact,” CNBC's Squawk Box, July 2009

“Financial Services, Hedge Fund, Regulatory and Tax Reform,” Weiser Mazars Financial Services Practice Development Conference, July 2010

“MFA's Global Legislative Regulatory Update: The Potential Impact on Your Business and Your Investments,” Managed Funds Association Forum, June 2010

“Keynote: Overview of Regulatory Initiatives,” Managed Funds Association Hedge Fund Adviser Registration: Getting Registered and Running Your Business as an RIA, April 2010

American Bar Association Section of Business Law Spring Meeting, April 2010

“It's My Purview,” Credit Suisse Hedge Fund Leadership Conference, March 2010

Co-chair, International Bar Association 11th Annual Private Investment Funds Conference, March 2010

Fordham Law 3rd Annual Symposium: The Regulation of Investment Funds, February 2010

Moderator, “View from the Regulators,” GAIM USA, January 2010

“U.S. Regulatory Developments for UK, European and Other Non-U.S. Investment Managers,” SRZ Audio Conference Series, October 2009

Moderator, “Legislative & Regulatory Outlook - Derivatives,” Managed Funds Association Outlook, October 2009

“Regulation of Financial Markets: A Look to the Future,” Barclays Capital Quantitative Equities Conference, October 2009

Moderator, “Hedge Funds,” Journal of International Business and Law Conference on Investment Management, October 2009

“The Changing Regulatory Framework for Hedge Funds and Managers,” Practising Law Institute Hedge Funds, October 2009

“The Shape of Things to Come,” Spruce Investor Conference, October 2009

“Industry Roundtable: Top Thinkers Share Their Vision of the Future for Hedge Funds,” Financial Research Associates 4th Annual Meeting of the Hedge Fund Business Operations Association, September 2009

“Hedge Funds and the Current Crisis,” International Institute for the Regulation and Inspection of Investment Advisers, June 2009

Moderator, “Regulations and Hedge Fund Environment,” Goldman Sachs 12th Annual Hedge Fund Seminar, May 2009

“Hedge Funds' Challenges: The Hedge Fund,” Securities Industry and Financial Markets Association Compliance and Legal Division Annual Seminar, March 2009

Reuters’ Global Hedge Fund and Private Equity Summit, March 2009

“Wall Street Legends Summit,” CNBC's Squawk Box, March 2009

“Fund Practices, New Products,” 10th Annual International Conference on Private Investment Funds, March 2009

“Counterparty Risk Issues: Lessons Learned From the Recent Credit/Liquidity Crisis,” Financial Research Associates/Hedge Fund Business Operations Association's 3rd Annual Meeting, September 2008

“Best Practices for the Hedge Fund Industry and for Hedge Fund Investors,” Securities Industry and Financial Markets Association Hedge Funds and Alternative Investments Summit and Exposition, June 2008

“Regulation of Funds,” Brooklyn Law School’s Dennis J. Block Center for the Study of International Business Law’s Future of Financial Regulation Seminar, May 2008

“Hedge Funds Speak Up – Challenges from the Hedge Fund Perspective,” Securities Industry and Financial Markets Association Compliance and Legal Division 40th Annual Seminar, March 2008

“State of the Industry – A Legal and Regulatory Update,” Managed Funds Association Network 2008 Conference, February 2008

Co-chair, “Hedge Funds at the Crossroads: Activism and New Opportunities in Today’s Capital Markets,” West LegalWorks’ Conference, December 2007

Moderator, “Public and Private Sales of Ownership in Hedge Fund Managers,” SRZ Cutting Edge Alternative Asset Management Deals Seminar, July 2007

“Hedge Funds: The Last Unregulated Frontier - But For How Long?” Milken Institute Global Conference, April 2007

“The Future of the Hedge Fund Industry and the Role of the Activist Investor,” CFA Institute Annual Conference, April 2007

“Hedge Funds,” Securities Industry and Financial Markets Association Anti-Money Laundering Compliance & Legal Division Seminar, March 2007

Hedge Fund Panel, SIA Annual Conference, March 2007

Co-chair, International Bar Association Private Investment Fund Conference, March 2007

American Bar Association Section of Law, Subcommittee on Private Investment Entities, Spring Conference, March 2007

“Hedge Funds: Overview of Structure, Taxation & Regulation,” Managed Funds Association Network, February 2007

Co-chair, West LegalWorks Hedge Fund Activism Conference, December 2006

Financial Research Associates 4th Annual Hedge Funds Business Operations Forum, December 2006

Keynote speaker, “The State of the Industry,” Financial Research Associates 8th Annual Hedge Fund Regulation & Compliance Forum, November 2006

Goldman Sachs 4th Annual Hedge Fund Conference, November 2006

“State of the IA Industry” and “Protecting Your Firm From SEC Scrutiny,” National Regulatory Services Greenwich Conference, November 2006

“How the Investors in Durus Capital Management Took the Firm’s Blowup into Their Own Hands and Averted Disaster,” 2nd Annual Absolute Return Hedge Fund Symposium, November 2006

5th Annual Hedge Fund Seminar, October 2006

Citigroup Global Prime Brokerage Group Capital Introduction Breakfast for Asian Fund Managers, October 2006

Connecticut Department of Banking Securities, October 2006

“Major Law Changes/Rules for Registration and ERISA,” SRZ Hedge Fund Compliance Seminar, September 2006

“Post-Goldstein Outlook for Hedge Fund Legislation and Regulation,” Managed Funds Association Annual Forum, September 2006

Bank of America Securities Prime Brokerage Hedge Fund Strategic Initiatives Conference, June 2006

Hedge Fund Institutional Forum, Endowments & Foundations Roundtable, June 2006

Managed Funds Association Annual Forum, June 2006

“A Changing Business & Regulatory Environment,” SIA Hedge Funds & Alternative Investments Conference, June 2006

“Hedge Fund Advisers,” Adviser Compliance Associates Webcast, April 2006

“The Future of Hedge Fund Regulation,” Columbia Business Law Review Conference, April 2006

Registered Alternative Funds “New Products for New Markets” Seminar, April 2006

American Bar Association Section of Business Law Spring Meeting, April 2006

Chair, American Bar Association Section of Private Investment Entities, April 2006

National Investment Company Service Association Hedge Funds Conference, April 2006

SIA Compliance & Legal Division Annual Seminar, March 2006

Co-chair, International Bar Association/American Bar Association London Conference, February 2006

SIA Hedge Funds Conference, September 2005

“The SEC’s New Hedge Fund Rules & Implications for Managers in Europe,” Managed Funds Association Conference, July 2005

Chair and speaker, GAIM, Hedge Fund Forum, “Hedge Fund M&A: The Advantages and Disadvantages of Being Acquired,” June 2005

Cayman Islands Monetary Authority Hedge Fund Regulation and Compliance Roundtable, May 2005

“Implications of the Rule for Chief Compliance Officers,” Managed Funds Association Conference, May 2005

SIA Compliance & Legal Division Annual Seminar, April 2005

“Overview of the New Registration Rule,” New York University, April 2005

“State of the Industry-Regulatory Update,” Managed Funds Association Network Conference, February 2005

“Overcoming Compliance, Operational, and Valuation Challenges,” Institutional Investor Hedge Fund Best Practices Conference, February 2005

“Guidance for the Unregistered Adviser,” Managed Funds Association Conference, January 2005

“Mutual Funds and Hedge Funds: The Fees for Professional Investment Advice,” Fordham University Spring Roundtable, January 2005

“Understanding the New Hedge Fund Rule,” Practising Law Institute, November 2004

BlackRock, Fund of Hedge Funds Investor Conference, November 2004

“Investment Partnerships,” Ernst & Young Hedge Fund Conference, November 2004

“New Regulation: Weighing the Impact,” SIA Conference, November 2004

“Regulatory Brave New World,” Absolute Return Symposium, October 2004

“Hedge Fund Fraud,” University of Pennsylvania, October 2004

MFA/CAPCO, Hedge Fund Valuation and Accounting Town Hall Meeting, October 2004

“Succeeding Within the New Regulatory Environment,” Institutional Investor Hedge Fund Best Practices Conference, September 2004

“Regulatory Update,” GAIM Fund of Funds Conference, September 2004

Bank of America, CFO Conference, June 2004

“Examining the Latest Business Continuity and Disaster Recovery Issues for Hedge Funds,” Managed Funds Association Conference, May 2004

“Hedge Fund Business Growth Strategies,” Strategy Institute Future of the Industry Panel, Leaders’ Debate, April 2004

“Hedge Fund Regulatory Update,” Managed Funds Association Network, February 2004

“Changing Regulatory Landscape,” GAIM USA, January 2004

“Valuation Challenges for Hedge Funds,” Managed Funds Association Conference, January 2004

“Changing Regulatory Update,” GAIM Symposium, January 2004

SEC Hedge Fund Roundtable, Panelist (Assessment of the Current Regulatory Framework), May 2003

Memberships

Professional

  • RAND Center for Corporate Ethics and Governance
    • Member, Advisory Board, 2010-Present
  • AIMA
    • Adviser to AIMA on US Regulatory Issues, 2008-Present
  • Managed Funds Association
    • Special Adviser to the MFA Board of Directors, 2009-Present
  • American Bar Association
    • Chair, Subcommittee on Hedge Funds, 2005-Present  
    • Vice Chair, Subcommittee on Hedge Funds, 2002-2005 
  • The Economic Club of New York, 2009-Present
  • The Harvard Law School Alumni Association of New York City
    • President, 1999-2001
    • Vice President, 1992
    • Trustee, 1987-1990
  • Harvard Law School Center on Lawyers and the Professional Services Industry  
    • Advisory Board, 2006-2010
  • Harvard University, Faculty of Arts and Sciences,  
    • Task Force on the Undergraduate Experience, 2006-2008
  • National Association of Securities Dealers, Inc. 
    • Legal Advisory Board, 1999-2003
  • New York City Bar Association
    • Chair, Committee on Securities Regulation, 1989-1992
  • New York State Bar Association

Other

  • Citizens Committee for New York City
    • Member, Board of Directors, 1999-2011
  • NAACP Legal Defense Fund
    • Board of Directors
  • Phi Beta Kappa Associates

Distinctions

  • The Best Lawyers in America
  • Chambers Global
  • Chambers USA
  • The Hedge Fund Journal Award for Outstanding Achievement in the Hedge Fund Industry
  • Hedge Funds Care Lifetime Achievement Award
  • HFMWeek's 50 Most Influential People in Hedge Funds
  • IFLR1000
  • Expert Guide to the Best of the Best USA(Investment Funds)
  • Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers (Investment Funds, Capital Markets, Private Equity)
  •  Lawdragon 500 Leading Lawyers in America
  • The Legal 500 US
  • Fellow, New York Bar Foundation
  • New York City Private Funds/Hedge Funds Law Lawyer of the Year, Best
  • Lawyers’ 2013 Lawyers of the Year
  • New York Super Lawyers
  • PLC Cross-border Handbooks: Investment Funds
  • Who's Who in America
  • Who's Who in American Law
  • Who’s Who Legal: The International Who’s Who of Private Funds Lawyers
  • Lecturer, Wharton School at the University of Pennsylvania, Spring 2013, “Responsibility in Professional Services”
  • Adjunct Professor of Finance, NYU Stern School of Business, Fall 2011 and Fall 2012, “Managing Financial Businesses”