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AI Governance For The Modern Investment Advisor

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Derek Steingarten talks with Russ Alan Prince at Financial Advisor about AI governance best practices for investment managers. He...

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Derek Steingarten talks with Russ Alan Prince at Financial Advisor about AI governance best practices for investment managers. He posits that effective governance will enable RIAs to safely leverage AI’s efficiency and scalability benefits while protecting clients, data, and firm reputation.Derek notes, "With anything related to AI, balancing innovation with compliance is top-of-mind. This is especially true for RIAs and wealth management firms because fiduciary duties guide their core business. AI offers efficiencies in investment research, analysis, client relationship management, compliance and administration, but it can also introduce significant legal, regulatory and reputational risks that must be managed carefully."Read the <a href="https://www.fa-mag.com/news/ai-governance-for-the-modern-investment-advisor-85619.html?section=356" target="_blank">full article</a>.

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Derek Steingarten is a partner in Morrison Foerster’s New York office, co-chair of the firm’s Investment Management Group, and co-head of the Securities + Derivatives Regulatory Solutions team. He also serves on the global Environmental, Social, and Governance (ESG) steering committee at Morrison Foerster.Derek has 25 years of experience advising a wide range of registered and private fund sponsors and other institutional asset managers. He counsels clients on the fund formation, capital raising, marketing, and compliance needs of hedge funds, private equity funds, private credit funds and fund of funds, sub-advised funds, bank collective funds, institutional separate accounts, managed account platforms, mutual funds, ETFs, and other registered vehicles, such as interval funds and BDCs. His broad experience allows him to advise clients on regulatory and transactional issues in a way that is tailored to the lifecycles of their businesses and financial product offerings. This includes managing regulatory and governance issues under the Investment Company Act, the Investment Advisers Act, and other U.S. federal securities laws, including SEC examinations, investigations, regulatory enforcement, and disputes.Asset managers regularly engage Derek as an active partner in transaction negotiations and due diligence for wealth management industry acquisitions, lift-outs, and strategic combinations and restructurings. He has extensive experience with state- and federal-chartered trust companies and their specialized role within the wealth management industry. Derek is recognized in Chambers most recent legal ranking guides including Chambers Global 2025 and Chambers USA 2024 nationwide, with clients noting that he “offers quality business-oriented counsel and unfailing responsiveness” and that he is “thoughtful and clear in his advice.” <h4>Representative Experience</h4><ul><li>Rothschild & Co. in connection with the sale of two asset management units to a subsidiary of Wintrust Financial Corporation.</li><li>A global wealth manager, in a negotiated acquisition of a diversified asset management and fund advisory business.</li><li>Brooklyn Investment Group, a tech-enabled wealth management firm, in connection with its sale to Nuveen, a global asset manager.</li><li>Burgundy Asset Management Ltd., a leading independent wealth manager, in connection with the U.S. aspects of its negotiated sale agreement to Bank of Montreal (BMO).</li><li>Focus Financial Partners, Inc. in its acquisition of the cross-border wealth advisory business of Cardinal Point Capital Management Inc. and Cardinal Point Wealth Management, LLC.</li><li>A multi billion dollar private equity sponsor in its structuring and initial RIA acquisition transaction.</li><li>Prime Quadrant Corp. in its acquisition of Beekman Wealth Advisory, LLC.</li><li>Hightower Advisors, LLC in connection with its acquisition and integration of various businesses with multi-billion dollar AUM businesses with complex client account, fund and ETF relationships.</li></ul>