Day Pitney represented AlphaCrest Capital Management LLC (AlphaCrest), a quantitative research and technology-driven systematic trading firm based in New York, in connection with (i) the acquisition of a minority ownership interest in AlphaCrest by Brummer & Partners, an alternative investment manager based in Sweden and (ii) an investment by Brummer's BMS Multi-Strategy fund of funds in AlphaCrest Offshore Strategies Fund Ltd., an affiliated offshore feeder fund of the investment manager.
The Day Pitney Investment Management and Private Funds team consisted of Peter Bilfield, Greg Kahn, Mike Cummings and Jeff Kole, along with Steve Ziobrowski on tax matters, Michael Kaufman on finance matters, Cathy O'Connor on intellectual property matters, Howard Fetner on employment matters, and Darren Wallace and Ed Krzanowski on transfer/succession planning matters. Day Pitney also worked on real estate matters. The team negotiated and drafted the terms of all transaction and ancillary agreements, including a strategic relationship agreement, securities purchase agreement, ancillary fund administration and risk parameter documents. The team also negotiated and drafted the terms of the limited liability company agreements of the investment manager and its affiliated general partner, AlphaCrest SA GP LLC, which included advice on succession and transfer tax planning issues. Day Pitney also provided tax and structuring advice for a financing arrangement between Brummer and AlphaCrest in connection with a purchase/sale transaction and negotiated and drafted the terms of the financing arrangements. The team also registered AlphaCrest with the SEC as an investment adviser and worked closely with Swedish counsel on regulatory issues as well as Cayman Islands counsel on compliance with corporate governance issues related to the Cayman Islands feeder fund and master fund and compliance with new Cayman Islands anti-money laundering rules.
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Greg Kahn participated in the third edition of the “Maitland Roundtable,” a panel discussion held in April and presented by Maitland Group, a global fund administration and advisory firm.
On April 26, Aaron Kriss will be a featured speaker on "Impacts on Individual Taxpayers of Federal Tax Reform and its Resulting Opportunities and Strategies" at a luncheon series meeting being presented by the International Fiscal Association (IFA) Connecticut/Westchester branch, held in Greenwich, CT.
David Waizer gave a presentation, "Select Legal Issues for Startups," at the Rutgers Business School Collaborative for Technology Entrepreneurship and Commercialization (CTEC).
Day Pitney has been named a finalist in the category of "Accounting, CPA or Law Firms Serving Family Offices" for the 2018 Family Wealth Alliance Best in the Industry Awards.
Tom Goldberg and Scott Beach were quoted in an article, "Day Pitney Lawyers Bullish About Stamford Move," published by the Stamford Advocate.
R. Scott Beach, chair of Day Pitney’s Corporate and Business Law Department and head of its Family Office Practice, was quoted in an article, “Carlyle’s David Rubenstein Builds Family Office With Outside Ambitions,” published by Bloomberg News.
Day Pitney represented Medalist Partners LP and its management team (collectively "Medalist") in a "spinout" of their business unit from Candlewood Investment Group, LP, an established corporate credit and structured credit investment manager ("Candlewood"), which successfully spun out its operations in 2010 from Credit Suisse.
Michael Rave will be speaking at Acquire or Be Acquired, an annual conference presented by Bank Director magazine being held in Phoenix from January 28 – 30.