As a global law firm, Vedder has deep experience in investment management, fund formation, ETF structures, regulatory compliance, and related matters for asset managers and financial services clients.
Hotchkis & Wiley received an exemptive order from the U.S. Securities and Exchange Commission in April 2026. This order allows the firm to offer multi-class funds that include both traditional mutual fund share classes and new ETF share classes within the same investment portfolio. Investors can now access Hotchkis & Wiley’s actively managed strategies through either mutual fund shares or ETF shares that trade on an exchange during market hours.
Joseph M. Mannon, Shareholder and Co-Chair of Vedder’s Private Fund Formation Group, led the representation. “We are pleased to have helped Hotchkis & Wiley bring these new share class options to market,” said Mannon. “The ETF share class gives investors more choice and flexibility, including the ability to buy and sell shares throughout the trading day on an exchange. This structure supports broader access to proven active management strategies while meeting the needs of different investors and platforms.”
Christy de Pree and Elisa Cardano Perez assisted on the matter.
As a global law firm, Vedder has deep experience in investment management, fund formation, ETF structures, regulatory compliance, and related matters for asset managers and financial services clients.
Hotchkis & Wiley is a Los Angeles-based investment manager with a long track record in value-oriented equity and fixed income strategies. The firm launched its first standalone ETF, the Hotchkis & Wiley SMID Cap Diversified Value ETF, in 2025. The addition of ETF share classes to existing mutual funds further expands investor access.
About Vedder
We invest in understanding our clients, their businesses, goals, and evolving needs. We work as committed partners alongside our clients in developing legal strategies tailored to meet their business objectives and help them move forward with certainty. We combine the scale and sophistication of a large firm with the personalized attention of a trusted advisor to deliver commercially-oriented and forward-looking solutions to complex legal challenges.
With more than 400 lawyers and professionals across key global markets including Chicago, Dallas, Los Angeles, London, Miami, New York, San Francisco, Singapore, and Washington, DC, we support sophisticated clients in nearly every industry, wherever their operations take them.
