Senior Counsel – Investment Solutions (ERISA)

@ Great Gray
Great Graygreatgray.com

Senior Counsel – Investment Solutions (ERISA)

Posted 4 months ago

This job is still taking applications, but it's been up a while.

About the job

Great Gray specializes in trustee and administrative services for CITs, managing over $315B. The Senior Counsel supports legal aspects of trust, investments, M&A, and new products, contributing to a high-growth, innovative environment in retirement services.

Requirements

  • JD from accredited law school
  • Minimum 5 years legal experience
  • Experience in financial services
  • Knowledge of ERISA and asset management
  • Strong negotiation skills

Qualifications

  • Bar admission in a state
  • Experience with contracts and negotiations
  • High analytical skills
  • Excellent communication skills
  • Legal experience in asset management

Full job description

Why Great Gray?

At Great Gray Group, we strive to set the bar for the retirement services industry. Our goal is to deliver advanced retirement solutions that combine our core fiduciary services with robust investment options, innovative technology, and dedicated client service. We focus on making choices clearer, transitions smoother, and the client experience more delightful. Complacency isn't in our vocabulary. Every day, we look for opportunities to better serve our clients, be an excellent business partner, and earn the trust of those who rely on us. 

The Role

Great Gray is looking to add a Senior Counsel – Investment Solutions to the Legal team. This attorney’s primary responsibility will be to advise and support our trust and administrative services businesses, at all levels of the organization, in a rapidly evolving, high-growth environment.  The Senior Counsel will advise representatives of other functions on legal matters affecting Great Gray and partner with them to support Great Gray’s current and new business activities. The Senior Counsel will also help develop and execute plans, policies, and procedures for Great Gray’s Legal team and may represent the Legal team on various internal working groups and committees.

In addition, the Senior Counsel will (i) negotiate and prepare agreements with participating plans and subadvisors to Great Gray CITs, (ii) oversee the creation of new funds and draft related documents, including for innovative products such as CIT funds with private market exposure and lifetime income features, (iii) design and execute legal strategies for high-priority business projects, including large conversions of CIT assets from other trust companies and M&A activities, (iv) support Great Gray’s retirement policy and advocacy efforts, (v) partner with our Marketing team in preparing thought leadership and reviewing marketing collateral, (vi) oversee legal content on the RPAG platform, and (vii) serve as in-house benefits counsel for Great Gray Group’s own employee benefit plans.

The ideal candidate will have a mix of law firm and in-house legal experience, business acumen, a commitment to operational excellence, and strong technical, analytical and communication skills combined with the confidence and emotional intelligence needed to advance Great Gray priorities. In summary, we seek an experienced, strong, collaborative attorney, with integrity, who can work effectively across Great Gray.  It is likely that the right candidate is currently with a financial services company or leading law firm.

Location

This position may work from any of the office locations listed below. For office based employees, Great Gray currently supports a hybrid work model with 4 days onsite, and 1 day remote. 

  • Boston, MA
  • Wilmington, DE
  • Las Vegas, NV

While we strongly prefer an in-office candidate, we would also consider highly qualified candidates for remote work in certain jurisdictions (Washington, DC, Miami, FL, Charlotte, NC, or the New York metro region).

Visa sponsorship or transfer of an existing visa is not available for this position. Applicants must be authorized to work directly for any employer in the United States without visa sponsorship or transfer.

Responsibilities

  • Advise and support the trust and administrative services business, counsel various internal working groups and committees and employees at all levels of Great Gray.
  • Support for our trust business will focus primarily on CIT matters such as eligibility and investment questions, applications for IRS determination letters of tax-exempt status, securities and commodities law exemptions, as well as negotiating and drafting agreements with subadvisors, insurance companies, trading platforms, custodians, recordkeepers and other administrative service providers.
  • Oversee, draft, and negotiate fund formation documents, including funds with innovative strategies (e.g., private market exposure, lifetime income)
  • Establish and execute legal strategies for high-priority business projects, conversion of CIT assets from other trust companies, and M&A activities.
  • Support for our administrative services business will focus primarily on CITs trusteed by other banks and other collective investment products.
  • Support Great Gray retirement policy and advocacy aligned with the overarching goal of putting more money in Americans’ retirement accounts.
  • Partner with Marketing team on campaigns educating the retirement marketplace about CITs and advancing Great Gray’s retirement policy thought leadership.
  • Oversee, draft, and revise content used by subscribers to the RPAG platform to advise retirement plans.
  • Serve as legal adviser to 401(k) Plan Committee and in-house counsel for HR department on employee benefits issues.
  • Serve as a subject matter expert on various legal and regulatory matters affecting the business, including asset management, capital markets, distribution, ERISA and state law matters.
  • Provide legal support for special projects, such as (i) new services, products, and partnerships, (ii) M&A, (iii) reviewing, rationalizing, and updating template contracts and administrative forms and related workflows used by the businesses, and (iv) defining requirements for and implementing technology solutions to enhance efficiency.
  • Represent the company in external engagements with various parties, including clients, business partners, regulators, trade associations and outside counsel.
  • Stay abreast of new laws, regulations, and industry trends, and recommend responses.
  • Review and negotiate a wide range of legal agreements and other documents essential to the operation of the business.
  • Partner with compliance, risk, marketing, sales, and audit groups as appropriate.
  • The Senior Counsel role is a hands-on position.  A successful candidate will be eager and able to move seamlessly between advising on strategic issues and doing the legal work required to support the commercial business.
  • Complete other related duties as assigned

Qualifications & Experience

  • JD from an accredited law school
  • Minimum of 5 years of experience as an attorney, with a combination of experience in a large law firm and a corporate legal department preferred.
  • Admission to a state bar
  • Significant experience in financial services, with asset management and ERISA subject matter expertise strongly preferred. Experience advising on transactions involving plan assets subject to ERISA and the Internal Revenue Code
  • In-depth experience drafting, reviewing and negotiating a wide range of contracts.
  • New product/service development, private market fund formation, and M&A experience preferred.
  • Ability to identify legal issues, evaluate legal risks, and offer constructive solutions.
  • Strong interpersonal, organizational, and negotiation skills.
  • Strong analytical and decision-making skills.
  • Excellent written and verbal communication skills and the ability to communicate effectively with all levels of Great Gray and with external stakeholders.
  • Excited to work in a high growth, dynamic, and sometimes uncertain environment.  
  • Exhibits our Great Gray attributes: Results-Driven, Innovative, Resilient and Decisive. 
  • Your standards reflect our core values: Growth Mindset, Disciplined Curiosity, Grit, Results Ownership, Collaboration.

Base Pay Range*

$225,000-$250,000

*This base pay range is subject to change and may be modified in the future.

The pay range displayed above is the base pay compensation range that Great Gray expects to pay for this position at the time of this posting.  Individual compensation within this range depends on multiple factors, including, but not limited to, candidate’s prior education and relevant work experience and training as well as position location and local market demands.  Our pay-for-performance culture also includes participation in an annual incentive bonus plan for this position which is not included in the ‘Base Pay Range’ noted above.

Benefits

We have a comprehensive and competitive benefits package at Great Gray. Some of the highlights are:

·Be an integral part of a high-growth organization!

·Competitive compensation package

·Group medical, dental and vision insurance

·Employer-paid life and disability insurance

·Annual well-being stipend

·Eligible employees may also contribute to a 401(k) plan with an advantageous employer contribution model, upholding our mission to support our employees in retirement

Company Background 

Great Gray is the leading independent provider of trustee and administrative services to Collective Investment Trusts (“CITs”), with over $370 billion in CIT assets under management, across more than 1,020 funds. We proudly work with more than 80 subadvisors, including leading firms such as AllianceBernstein, American Funds, BlackRock, Franklin Templeton, MetLife, Neuberger Berman, PGIM, PIMCO and Raymond James. 

CITs are more than just an investment vehicle. They represent a forward-thinking approach to retirement planning. These tax-exempt, pooled investment vehicles are offered to employer-sponsored retirement plans, like 401(k)s. CITs are comparable to mutual funds, but, because they are tailored for the institutional retirement market, they can offer distinct advantages, including efficient administration and cost-effectiveness. CITs have a history dating back over 90 years; but they have gained favor over the past decade, driven by innovations, and Great Gray has been at the forefront.

Great Gray has consistently delivered year-over-year growth at an above market rate and is investing in the continued development of its core CIT business as well as complementary administrative services and technology solutions for the retirement market.

Madison Dearborn Partners (“MDP”) purchased Great Gray from Wilmington Trust in April 2023. As a result, Great Gray is an independent company owned by funds affiliated with MDP.

Investor Background 

MDP is a leading private equity investment firm based in Chicago. Since MDP's formation in 1992, the firm has raised aggregate capital of over $37 billion and has completed over 160 platform investments across nine flagship funds. MDP invests across five dedicated industry verticals, including financial services, healthcare, technology and government services.

Equal Employment Opportunity Policy

Great Gray Group, LLC is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender perception or identity, national origin, age, marital status, protected veteran status, disability status or other non-merit factor.

Accommodation Statement

Great Gray is committed to ensuring individuals with disabilities and/or those who have special needs participate in the workforce and are afforded equal opportunity to apply and compete for jobs. If you would like to contact us regarding the accessibility of our website, need assistance completing the application process, or need to request an accommodation for any part of our application or interview process, please contact us at: TalentAcquisition@GreatGray.com

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