Position Overview
At PNC, our people are our greatest differentiator and competitive advantage in the markets we serve. We are all united in delivering the best experience for our customers. We work together each day to foster an inclusive workplace culture where all of our employees feel respected, valued and have an opportunity to contribute to the company’s success. As a Senior Counsel within PNC's Corporate Governance organization, you will be based in Pittsburgh or Philadelphia, PA; Birmingham, AL; Cleveland, OH or Washington, DC.
PNC's Corporate Governance Department is seeking an attorney to assist in supporting bank affiliated registered investment advisory businesses, including advisers or sub-advisers to private funds and private credit strategies. This position will focus, in part, on matters arising under the Investment Advisers Act of 1940 and, as applicable, the Investment Company Act of 1940.
It would be beneficial for the candidate to have some experience advising registered investment advisers, private funds, asset managers, financial institutions, or other investment management businesses.. Familiarity with SEC regulation of broker-dealers and FINRA rules is desirable. The attorney will work closely with senior business leaders, compliance and risk partners, and PNC's government and regulatory affairs teams.
Key Responsibilities
•Serve as legal advisor to one or more registered investment advisers that advise private credit funds, and other investment vehicles, including certain funds registered under the Investment Company Act of 1940.
•Provide legal support on matters arising under the Investment Advisers Act of 1940, including governance, fiduciary obligations, disclosures, conflicts of interest, regulatory filings, SEC examinations, and ongoing compliance matters.
•Assist in advising on Investment Company Act matters affecting private credit and other investment fund structures, including regulatory status, exemptions, governance and compliance matters, and interactions with fund counsel.
•Assist in the structuring, launch, operation, and ongoing management of private investment funds and related advisory businesses.
•Draft, review, and update advisory agreements, sub-advisory agreements, engagement letters, offering materials, policies and procedures, and regulatory filings, including Form ADV and related disclosures.
•Partner closely with compliance, risk management, and business leadership to develop and maintain policies, procedures, and practices designed to ensure compliance with applicable legal and regulatory requirements.
•Represent PNC in interactions with regulators, external counsel, counterparties, investors, and other stakeholders.
•Advise on strategic initiatives involving private funds, separately managed accounts, and other investment products.
•Exercise sound judgment and manage legal matters independently while collaborating effectively with business, compliance, risk, and senior management teams.
•Assist in supporting PNC's capital markets advisory businesses and exempt reporting advisers, including advising on applicable Advisers Act obligations.
Qualifications
•J.D. (or equivalent) from an accredited law school.
•Admission in good standing to practice law in at least one U.S. jurisdiction.
•Three to eight years of legal experience in a law firm, financial institution, registered investment adviser, asset manager, investment company, or regulatory agency.
•Experience of the Investment Advisers Act of 1940, and its application to registered investment advisers, private funds, and sub-advisory arrangements, is preferred.
•Experience advising private funds and registered investment is strongly preferred.
•Familiarity with SEC regulatory processes, examinations, and compliance programs is desirable.
•Knowledge of broker-dealer regulation, FINRA requirements, banking regulation, or affiliated institutional asset management businesses is a plus.
•Excellent drafting, analytical, , and client…