Mr. Adelfio's practice focuses on investment companies and investment advisers. Investment company clients include both open-end and closed-end funds, multi-class funds and master-feeder funds. In addition to ongoing SEC regulatory and registration activities, Mr. Adelfio handles complex acquisition and reorganization transactions for fund companies and consolidations following mergers of advisers. He has represented several fund companies since their inception and also serves as independent counsel to the independent directors of fund companies. A portion of his practice involves advising private equity funds, exchange funds, and operating companies on structural and Investment Company Act (1940 Act) matters, including exemptions.

He also counsels investment advisers that are registered with the SEC, on a range of regulatory and transactional matters. This practice involves advice and counsel with respect to fiduciary responsibilities, the provision of investment management services, and compliance matters. Mr. Adelfio has also advised broker-dealers on regulatory and contract and compliance matters and counseled operating companies and underwriters in public and private equity and debt financings and other corporate transactions.

For the last three years, Mr. Adelfio has been named a Leading Lawyer in Investment Management in the Chambers USA Guide to America's Leading Business Lawyers put out by Chamber & Partners Publishing. He is also listed in The Best Lawyers in America (2007 and 2008) as a leader in the field of mutual funds law.