Hedge Funds, Private Equity Funds & Investment Management. Tech, Media & Venture Capital.


Riveles Wahab is a boutique law firm representing hedge and private equity funds, investment managers, startups, creative businesses, technology companies, and other ventures. We are dedicated to providing sophisticated, strategic and responsive counsel delivered in an efficient and cost-effective manner. Our attorneys thrive on finding innovative, high-value solutions to our clients’ unique challenges and watching their ventures succeed.

The New Change in ERISA’s “Fiduciary” Definition and its Effect on Private Fund Managers

After several years of debate and revision, a Department of Labor regulation, revising the definition of a “fiduciary” as it applied to investment managers, became applicable on June 9, 2017. The new regulation expands the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986, as amended, to encompass certain entities and persons which provide nondiscretionary investment advice to pension plans and to individual retirement accounts, with certain exemptions. The regulation introduces a new category, called “service fiduciaries,” under which fund managers and advisers could become subject to ERISA in connection with a pension plan or IRA’s “decision to invest” in the fund (or to “maintain such investment” in the fund), should the manager provide “investment advice” or “investment recommendations” directly to the pension plan or IRA holder. In essence, any communications to such investors that are designed to solicit investment or encouragement more of it may constitute “investment recommendations.”

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