Day Pitney was U.S. legal counsel to GSB Capital, LLC in its multi-country launch of the GSB Equity Long Short Fund. This launch was an industry-first, as it was the first time a Japanese corporate pension fund had seeded an offshore hedge fund. This was due in large part to the relationship that Gordian Capital Japan has with Japanese investors and their comfort with Geoffrey Bennett, the Fund's Founder and Portfolio Manager, who has over 30 years' experience with Japanese markets. The Fund invests in high concentration, high conviction large and mid-cap Japanese equities, and was launched on the Singapore-based Gordian Capital's US$7 billion AUM fund platform. The Day Pitney team consisted of attorneys Peter Bilfield, Eliza Fromberg, Lydia Joo Lee, and Joty Mondal, with tax assistance from Steve Ziobrowski and Justin Hannan. Day Pitney advised the client on, among other things, re-structuring the Fund to accept U.S. investors and U.S. regulatory advice on compliance issues related to CPO registration and exemptive relief. In addition, Day Pitney assisted with the preparation of offering documents.
The deal was featured in HedgeWeek's article, "Major Japanese Pension Fund Seeds Japan Equity Long-Short Fund."
Read the full article here.
Day Pitney's annual Palm Beach Family Office Forum was featured in The Florida Bar News article, "Day Pitney Hosts 2023 Palm Beach Family Office Forum."
Day Pitney Multistate Tax Practice Chair Scott Brian Clark was recently appointed to Bloomberg Tax's State Tax Advisory Board.
In February 2023, Day Pitney represented a Singapore-based investment management firm in connection with the formation of an ERISA “hardwired” master-feeder fund structure focused on investing primarily in the Australian resources sector using a long/short investment approach.
In April 2022, Day Pitney represented a Singapore-based investment management firm in connection with the formation of an ERISA "hardwired" master-feeder fund structure focused on investing primarily in Asian healthcare companies.
Day Pitney Multistate Tax Practice Chair Scott Clark has joined the Harness Tax Advisory Council (HTAC) as a HTAC Member.
In December 2022, Day Pitney represented Iridian Asset Management LLC, a Connecticut-based investment management firm in connection with the formation of Iridian Global Impact Fund LP, a long-only private fund which invests primarily in impact-oriented public companies consistent with the European Union’s SFDR Article 9 guidelines.
In December 2022, Day Pitney represented a state pension fund in connection with a $500 million investment in a closed-end "fund of one" formed by an asset management company focused on direct private credit opportunities in the form of senior, mezzanine and opportunistic loans to lower middle market companies.
Day Pitney Tax Partner Justin Hannan and Tax Associates Mariano Beecher and Emily Byrnes authored the article, "Seven States Introduce Legislation Aimed at the Wealthy," for WealthManagement.com.
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Day Pitney Trusts and Estates Attorneys Andrew M. Nerney and Anna Rothfus Merin authored the article, "'Standing' Up For Refunds For Deceased Taxpayers," for WealthManagement.com, which discusses a recent court ruling detailing missteps in a claim to recover an income tax overpayment.