Phil Newman is a retired partner, formerly a member of Goodwin’s Financial Industry group and former chair of its Investment Management practice. For more than 30 years, Mr. Newman has worked extensively with open-end and closed-end registered investment companies, independent directors of mutual funds, investment advisers, banks and other institutions in the investment management industry, providing ongoing representation and advice on a broad range of legal, regulatory, compliance and governance matters.
An expert in the Investment Company Act of 1940 and related securities laws and regulations, Mr. Newman has been recognized in Chambers USA: America’s Leading Lawyers for Business and in the Hedge & Mutual Funds and Investment Funds: Registered Funds categories for his “impressive understanding of his clients' business needs” and “his good bedside manner and diplomatic way of dealing with the fine lines.”
As counsel for numerous mutual funds, independent directors and sponsors of mutual funds, Mr. Newman:
- Interfaces with the SEC staff on exemptive order applications, no-action letters, registration statements and examination inquiries
- Regularly attends board and committee meetings and provides ongoing advice and counsel regarding industry “best practices” on governance matters
- Counsels independent directors through their annual contract review process
- Forms an array of investment company products with diverse distribution arrangements
- Handles mergers of affiliated and unaffiliated funds, lines of credit, E&O/D&O insurance arrangements and a variety of other complex transactions
- Provides legal and regulatory expertise in connection with internal investigations and high stakes litigation involving mutual funds
- Advises banks and other financial institutions on various services provided to the mutual fund industry, including custodial, transfer agency, fund accounting and securities lending services
Mr. Newman is a member of the Boston and American Bar Associations and has served as co-chair of the Subcommittee on Investment Companies and Investment Advisers of the Boston Bar Association. He is also a member of the Advisory Board of the Roundtable of Independent Legal Counsel of the IDC.
Cornell Law School
(magna cum laude, Order of the Coif)
The State University of New York at Buffalo
U.S. District Court for the District of Massachusetts, Honorable Robert E. Keeton
Recognition & Awards
Mr. Newman has been selected for inclusion in Chambers USA: America’s Leading Lawyers for Business, The Legal 500 and U.S. News-Best Lawyers. In law school, Mr. Newman served as senior note editor of the Cornell Law Review.
Mr. Newman regularly speaks at mutual fund industry conferences and has published numerous papers. Recent presentations and articles include:
- “Inside the Boardroom: A Roundtable Discussion” presentation at the annual Mutual Funds Investment Management Conference of the ICI (2017)
- “Trends in Valuation: Squaring Industry Practices with Regulatory Expectations” presentation at the annual Mutual Funds Investment Management Conference of the ICI (2014)
- “Mutual Funds and Exchange Traded Funds Regulation – Marketing Material,” contributing author to PLI treatise on the regulation of investment companies (2013)
- “Legal Considerations in Forming a Mutual Fund”; “Investment Company Sales Literature and Advertising”; and “Boards of Directors of Registered Investment Companies” outlines and related presentations for Mutual Funds Today: Current Issues in Fund Regulation and Compliance, an annual program of ALI CLE (2013)
- “Portfolio Performance and the 15(c) Process – Effective Oversight Practices” presentation at the annual Independent Directors Conference of the IDC (2012)
- “Representing Independent Directors in an Age of Independence” paper and related presentation at the Roundtable of Independent Legal Counsel of the IDC (2006)