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Michael S. Caccese

Chairman of the Management Committee, Practice Area Leader - Financial Services
+1.617.261.3133
Fax +1.617.261.3175
+1.412.355.8956
Fax +1.412.355.6501

Mr. Caccese is K&L Gates’ Chairman of the Management Committee. K&L Gates maintains one of the most prominent financial services practices in the United States – with more than 150 lawyers practicing from Australia, Asia, Europe and the United States, representing diversified financial services institutions and their affiliated service providers. Mr. Caccese focuses his practice in the areas of investment management, including mutual funds, closed-end funds, registered fund of hedge funds, hedge funds and separately managed accounts, in addition to advising on investment management and broker-dealer regulatory compliance. Mr. Caccese also advises on structuring investment management professional team “lift-outs” and “placement”, “soft dollar” compliance, investment performance, the Global Investment Performance Standards (“GIPS”), and the CFA Soft Dollar Standards and the Trade Management (Best Execution) Guidelines, along with other investment management industry standards of practice.

Mr. Caccese has held various licenses over his career including Series 7, 14, 24, and 63, and has served as a compliance officer for NYSE and NASD broker-dealers. In addition, he has provided regulatory compliance advice for SEC registered investment advisors and CFTC registered commodity-trading advisors.

Mr. Caccese has been recognized by various legal directories such as Best Lawyers, Chambers, Intercontinental Finance Magazine Leading Lawyers, Legal 500 and The International Who's Who of Private Funds Lawyers as a leading practitioner in the investment management/broker-dealer area. He is also a two-time recipient of the BTI Client Service All-Star Award from the BTI Consulting Group, Inc., one of the country’s most independent and respected business research companies. BTI compiled its Client Service All-Star list based on interviews with more than 200 corporate counsel at large and Fortune 1000 companies. During these interviews, BTI asked corporate counsel to name individual attorneys who they believe truly deliver client service better than all others. Mr. Caccese was also selected by his peers for inclusion in The Best Lawyers in America© in 2014, 2015, 2016 and 2017 in the field of Mutual Funds Law.

Professional Background

Mr. Caccese worked as Senior Vice President and General Counsel to the CFA Institute (formerly AIMR) from 1993 to 2000 where he developed extensive global investment management and securities law experience while representing CFA charterholders and other investment professionals worldwide before U.S. and international regulators and standard setters. He was responsible for developing and promulgating the AIMR Performance Presentation Standards, the Global Investment Performance Standards and the CFA Institute Soft Dollar Standards.

From 1983 to 1993 he worked as Senior Vice President and Associate General Counsel for Frank Russell Company where he was responsible for all legal and regulatory work and acting as corporate secretary for numerous SEC registered investment companies, bank collective funds, Canadian mutual funds and Russell’s extensive pension consulting business. In addition, he served as a compliance officer for NYSE and NASD broker-dealers and performed regulatory compliance for SEC registered investment advisors and CFTC registered commodity-trading advisors. He also was responsible for advising on the first multi-managed mutual and bank collective funds and private fund-of-funds and for legal advice and compliance for one of the industry's largest soft dollar brokerage business.

He worked for Federated Investors, Inc. as Corporate Counsel from 1980 to 1983 where he handled the preparation and filing of disclosure and reporting documents with the SEC for reporting companies, investment companies, investment advisors and broker dealers.

He started his career in the investment industry in 1979 by working for the Securities Exchange Commission’s Division of Enforcement.

Professional/Civic Activities

  • CFA Institute

Speaking Engagements

Mr. Caccese speaks frequently on investment advisor, investment company, Broker Dealer, investment performance, hedge fund regulatory and compliance issues.  Mr. Caccese’s presentations include:
  • National Society of Compliance Professionals National Conference, Marketing a Private Fund, Washington, DC, October 19, 2016
  • National Regulatory Service Spring Compliance Conference, Beyond “Sales Prevention”: Current Issues in Advertising and Marketing for Investment Advisers And Here Come the New Examiners! A Practical Guide to SEC Examinations of Investment Advisers, Miami, FL, May 10, 2016
  • 2015 K&L Gates’ Investment Management Conference, Boston, MA, November 8, 2015
  • National Society of Compliance Professionals National Conference, Expectations of Boards of Directors, National Harbor, MD, November 3, 2015
  • National Regulatory Service Fall Compliance Conference, Social Media, Marketing and Advertising Practical Evaluation Workshop, San Diego, CA, October 14, 2015
  • IA Watch 15th Annual Compliance Conference, Ready or Not Regulations are Coming from Washington, September 21, 2015
  • Investor Advisor Compliance Summit, Performance Advertising and Social Media: Selling the Truth, New York, NY, July 16, 2015
  • Ascendant Compliance Conference, The New Age of Advertising: The Good, The Bad, and The Ugly, Naples, FL, March 24, 2015
  • Investment Company Institute Mutual Funds Conference, Best Execution and Trading Compliance Across Asset Classes: Addressing Portfolio Management Concerns, Palm Desert, CA, March 16, 2015
  • 2014 Investment Management Conferences, Boston, MA, November, 2014
  • IAA Compliance Workshop, Performance and Advertising, Boston, MA, November 11, 2014
  • National Society of Compliance Professionals National Conference, Emerging Issues and New Best Practices for Pricing and Valuation, National Harbor, MD, October 21, 2014
  • Core Values, Regulation and Compliance for Finance Professionals, Compliance Programs - Implementation, Rules, and Strategies, Massachusetts Institute of Technology, Boston, MA, May 7, 2014
  • Data Privacy and Cybercrime's Impact on the Financial Services Industry, Boston, MA, April 8, 2014
  • Webinar: Data Privacy and Cybercrime's Impact on the Financial Services Industry, Webinar, April 8, 2014
  • American College of Investment Counsel Spring Investment Forum, Managing Other People’s Money - How Easy Is That?, Chicago, IL, April 24, 2014
  • Southern California Compliance Group, What You Need to Know about Performance Advertising, Social Media, and GIPS, San Diego, CA, February 11, 2014
  • K&L Gates 2013 Investment Management Conference, Boston, MA, December 11, 2013
  • National Society of Compliance Professionals National Meeting, Raising Capital and Marketing Your Fund, Washington, D.C., October 23, 2013
  • K&L Gates and ACA Compliance Group program, GIPS Standards Open Forum, Boston, MA, September 18, 2013
  • K&L Gates Seminar, Lifting the Ban on General Solicitations: Impact on Private Funds and Other Issuers, Boston, MA, August 7, 2013
  • National Regulatory Service Spring Investment Adviser & Broker-Dealer Compliance Conference, Meeting SEC Expectations for Private Fund Valuation, Fort Lauderdale, FL, May 10, 2013
  • National Regulatory Service Spring Investment Adviser & Broker-Dealer Compliance Conference, Due Diligence of Service Providers: How Much is Enough, Fort Lauderdale, FL, May 10, 2013
  • K&L Gates Seminar, Portability Considerations from a GIPS® and SEC Perspective, New York, NY, April 23, 2013
  • ACA Compliance Group and K&L Gates Compliance Roundtable Seminars, Mutual Fund Distributors, Investment Advisers to Private Funds or Hedge Funds, Boston, MA, April 16, 2013
  • Ascendant Adviser Compliance and Regulations with Technology Initiatives, Everything About Marketing, Naples, FL, April 9, 2013
  • 2013 Investment Adviser Compliance Conference, Performance Advertising and Social Media, Arlington, VA, March 7-8, 2013
  • K&L Gates Investment Management Training, Boston, MA, November 2, 2012
  • National Society of Compliance Professionals, NATIONAL MEETING, Trading Best Execution and Portfolio Management Concerns, Washington, DC, October 23, 2012
  • National Regulatory Service - Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, Marketing Advisory Services: Advertising, Presenting Performance Data, and the Impact of Social Media, San Diego, CA, October 10, 2012
  • Financial Resource Associates Sub-Advised Funds Compliance Workshop, Best Practices in Client Disclosure and Reporting, Philadelphia, PA, October 1, 2012
  • K&L Gates Seminar, GIPS® Standards Open Forum, Boston, MA September 19, 2012
  • National Regulatory Service -Investment Adviser and Broker-Dealer Compliance Conference, Performance Advertising and Marketing: How to Avoid Common Pitfalls and Deficiencies, Colonial Williamsburg, VA, May 16-18, 2012
  • National Regulatory Service Spring Conference, Defensible Due Diligence on Third Party Advisers and Other Service Providers, May 16-18, 2012
  • National Society of Compliance Professionals Regional Compliance Meeting, Portfolio Management, New York, NY, May 7, 2012
  • National Society of Compliance Professionals Regional Compliance Workshop: Portfolio Management, Boston, MA, April 2, 2012
  • Securities Industry and Financial Markets Association –Investment Advisers: The Perspective of the Adviser, Miami, FL, March 20, 2012
  • National Society of Compliance Professionals Annual Meeting, Baltimore, MD, October 18, 2011
  • National Society of Compliance Professionals Regional Meeting, New York, NY, June 6, 2011
  • Securities Industry and Financial Markets Association Compliance and Legal Annual Seminar, Phoenix, AZ, March 22, 2011
  • National Society of Compliance Professionals Regional Meeting, Boston, MA, March 14, 2011
  • K&L Gates 2010 Investment Management Conference, Boston, MA, November 17, 2010
  • Financial Research Associates Hedge Fund Compliance Summit, New York, NY, November 15-16, 2010
  • National Society of Compliance Professionals Annual Meeting, Baltimore, MD, November 1-3, 2010
  • National Regulatory Services Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, Scottsdale, AZ, October 4-7, 2010
  • Financial Research Associates 10th Annual Sub-Advised Funds Forum, Boston, MA, September 21-22, 2010
  • Financial Research Associates 6th Annual Marketing & Advertising Compliance Forum for Investment Advisers, New York, NY, September 16-17, 2010
  • K&L Gates Seminar, “The New Hedge Fund Regulatory Era Begins,” Boston, MA, July 27, 2010
  • K&L Gates 2009 Investment Management Training Seminar, Boston, MA, November 20, 2009
  • National Regulatory Service 24th Annual Fall Investment Adviser and Broker-Dealer Compliance Conference, “Investment Adviser Advertising and Marketing; Crisis Management and Internal Investigations,” Las Vegas, NV, November 5-6, 2009
  • Understanding Disclosure: Form ADV, Performance and Advertising, NRS, Las Vegas, NV, November 4, 2009
  • National Society of Compliance Professionals National Membership Meeting, “Managing Non Public Information,”New York, May 18, 2009
  • The Spaulding Group Forum, “SEC Update,” Boston, MA, May 1, 2009
  • National Regulatory Service Spring Compliance Conference, “Soft Dollars and Best Execution” and “ERISA Update,” Miami, FL, April 27 and 29, 2009
  • ACA Compliance Group Spring Compliance Conference, “CCO’s Guide to GIPS Compliance,” Las Vegas, NV, April 23, 2009 
  • K&L Gates Seminar, “Counterparty Risk Seminar,” Boston, MA, March 5, 2009
  • National Society of Compliance Professionals National Membership Meeting, “Soft Dollars, Directed Brokerage and Commission Recapture,” Boston, MA, March 4, 2009
  • K&L Gates Seminar, “Strategies for Closed-end Funds When Dealing with Proxy Contests and Hostile Tender Offers,” Boston, MA, January 14, 2009
  • K&L Gates 2008 Investment Management Training Seminar, Boston, MA, November 12, 2008
  • National Regulatory Services Fall Compliance Conference, “SEC Performance Advertising Requirements & Global Investment Performance Standards,” Scottsdale, AZ, October 31, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds: Current Issues,” Philadelphia, PA, October 21, 2008
  • 8th Annual Boston Sub-Advised Fund Forum, “Pricing Debate: Advisers, Sub Advisers Weigh In on Valuation” Boston, MA, September 23, 2008
  • 5th Annual Marketing and Advertising Compliance Forum for Investment Advisers, “Client Needs versus Compliance Requirements,” New York, September 15, 2008
  • K&L Gates Seminar, “Bank Collective Trust Funds —What You Need to Know,” San Francisco, CA, September 10, 2008
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” San Francisco, CA, September 9, 2008
  • Performance Measurement Networking Group Spring Conference, Keynote Speaker, New York, June 10, 2008
  • Ashland Partners Webinar, “Fair Valuing Investment Assets,” June 5, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds – Trading Practices [Advanced],” New York, June 2, 2008
  • Performance Measurement, Attribution & Risk Conference, “An Update on Regulatory Issues,” Philadelphia, PA, May 22, 2008
  • National Regulatory Service Spring Compliance Conference, “Adviser Advertising Compliance:  General Advertising Guidelines, Performance and GIPS Compliance & RFPs & other Marketing Materials,” Miami, FL, May 13, 2008
  • National Society of Compliance Professionals National Membership Meeting, “Hedge Funds – Trading Practices [Advanced],” Boston, MA, April 7, 2008
  • Boston Bar Association, “Hedge Fund Industry Developments,” Boston, MA,April 2, 2008
  • Separately Managed Accounts Solutions 2008, Panel Discussion “Improving Compliance Strategies in the Evolving Regulatory Environment of the Open Architecture Wealth Management Structures,” Orlando, FL, February 26, 2008
  • Financial Research Associates Sixth Annual Best Execution Symposium, “Best Execution Compliance Practices for SMA/Wrap Trading,” New York, February 22, 2008
  • Financial Research Associates Hedge Fund and Accounting Administration Forum, “The Accountant’s Guide to Surviving an SEC Examination,” New York, December 4, 2007
  • Financial Research Associates Dual Registrant Symposium, “Advertising and Marketing Concerns for the Dual Registrant,” New York, November 30, 2007
  • National Society of Compliance Professionals National Membership Meeting, “Soft Dollars, Directed Brokerage and Commission Recapture,” Washington, D.C., October 19, 2007
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” New York, May 8, 2007 and San Francisco, October 1, 2007
  • Managed Accounts Summit, Phoenix, “Regulatory Environment - An Evolving Industry Brings Multifaceted Regulatory Considerations,” September 11, 2007
  • Hedge Fund Regulation and Compliance Forum, “Hedge Fund/Fund of Funds Marketing Compliance,” Advertising Performance Reports, June 21, 2007
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance, “Advertising and Marketing Issues for SMA Sponsors and Managers,” June 7, 2007
  • Conducting An Annual Compliance Review, “Plan for Annual Compliance Review & Keeping Ahead of Regs,” New York, January 17, 2007
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance, “Advertising and Marketing Issues for SMA Sponsors and Managers,” December 5, 2006
  • 4th National Legal & Compliance Hedge Fund Forum, “Marketing and Disclosing Hedge Fund Performance,” New York, November 16, 2006
  • National Regulatory Services Center for Compliance Professionals Investment Adviser Compliance Certificate Program, “Understanding Disclosure AIMR, GIPS and Regulatory Issues Surrounding Performance,” New York, San Francisco, Chicago, July 11, August 8, and September 20, 2006
  • NRS 21st Annual Fall Compliance Conference, Scottsdale, AZ, October 6, 2006
  • Thomson Financial Buyside Conference 2006: Networking for Better Performance, Boston, September 21, 2006
  • The Money Management Institute’s Legal/Regulatory Affairs Conference for General Counsels & Chief Compliance,  “Advertising and Marketing Issues for SMA Sponsors and Managers,” Washington, D.C., June 6, 2006
  • 7th Annual Hedge Fund Regulation & Compliance Forum, “What Should Your Annual Compliance Review Entail?,” New York City, May 22, 2006
  • 5th Annual Investment Adviser Compliance Forum, Pre-Conference Master Class:  “Hands-On Practice with the 1940 Act and SEC Audits:  the Nuts and Bolts,” New York City, May 18, 2006
  • 2nd Annual Workshop on Best Execution – How to Measure It – How to Achieve It, “Moderator: Chief Compliance Officer Roundtable:  Compliance with New and Existing SEC Guidelines,” Boston, MA, May 3, 2006
  • The Money Management Institute 2006 Annual Convention, “How to Negotiate the New SMA Guidance Statement Maze,” Boston, MA, March 15-16, 2006
  • Best Practices for Hedge Funds, Marketing and Disclosing Hedge Fund Performance Without Violating the Advisers Act, New York City, February 1, 2006
  • 2nd Annual Managed Accounts Compliance Forum, “Best Practices in Presenting Investment Performance,” Boston, MA., November 30, 2005
  • Hedge Fund Regulation and Compliance Forum, “Ensure Compliant Marketing & Distribution Practices,” New York City, November 9, 2005
  • NRS 20th Annual Fall Compliance Conference, “SEC Performance Advertising Standards & AIMR Guidelines,” Miami, FL October 18-21, 2005
  • National Society of Compliance Professionals National Meeting, “IA Wrap-Fee Accounts: Managed Accounts & Multi-Discipline Portfolios,” Alexandria, VA, October 26, 2005
  • Charles River Development 2005 Client Conference, “Global Compliance:  The Brave New World,” Boca Raton, FL, September 27, 2005
  • 4th Annual Managed Accounts Summit, “Regulatory Roundtable:  Key Compliance Issues Affecting the SMA Markets,” Boston, MA, September 22, 2005
  • Managed Accounts Compliance Forum, “Presentation of Investment Performance,” New York City, July 22, 2005
  • Operational and Compliance Best Practices for Hedge Funds, “Avoiding the Pitfalls of Trading in Soft Dollar Commissions,” New York City, June 17, 2005
  • Operational and Compliance Best Practices for Hedge Funds, “Marketing Hedge Funds and Disclosing Performance Under the Advisers Act,” New York City, June 17, 2005
  • Hedge Fund Regulation and Compliance Forum, “Best Practices for Surviving an SEC Examination,” New York City, May 13, 2005
  • NSCP East Coast Membership Meeting, “IA Hot Buttons,” New York City, May 2, 2005
  • National Regulatory Service Spring Compliance Conference, “SEC Rules on Performance Advertising and AIMR Guidelines,” Scottsdale, AZ, April 21, 2005
  • Hedge Funds Best Practices, “View from the Regulator: SEC Update on Registration Requirements and Investment Adviser Regulations,” New York City, February 28, 2005
  • Hedge Funds: Developing and Implementing Compliance Best Practices in the New Regulatory Environment, “The Changing Face of Regulation in the Financial Markets and How It Impacts Hedge Funds,” New York City, January 25, 2005
  • 4th Annual Managed Accounts Technology and Operations Summit, “Legal Considerations & Regulatory Issues Impacting the SMA Operations,” Key Biscayne, FL, January 24, 2005
  • MMI Sales & Marketing Leadership Summit, “Whose Track Record is it Anyway – Research Provider, Style Manager, Overlay New Rules for New Products,” Miami, FL, January 20, 2005
  • “Entering the Home Stretch: How to Improve Your Existing Compliance Program” (a Workshop for SEC Registered Investment Advisers), Boston, MA, September 15, 2004
  • Annual IA Compliance Forum, “New Compliance Rule Speech in Marketing & Advertising,” New York City, May 27-28-2004
  • The 3rd Annual Conference: Hedge Fund Regulation and Compliance, “Ensuring Proper and Accurate Valuation Procedures, Compliance Issues for Registered Hedge Funds,” New York City, May 3-4, 2004
  • Institutional Investor Hedge Fund Conference, March 30, 2004
  • Financial Planning Association of Massachusetts, “Fiduciary Duties and Asset Protection,” Bentley College, Waltham, MA, February 19, 2004
  • International Bar Association Conference, panelist, “Managing conflicts of interest in the investment management industry: how to minimize risk,” San Francisco, CA, September 16, 2003
  • “Tech-Ops 2003 - The Institutional Investment Management Technology and Operations Summit,” presented to investment management operations personnel
  • “Putting Commission Dollars to Work: Soft Dollars, Directed Brokerage, and other Commission Recapture Practices,” presented to industry experts
  • “A need for a Global Code of Ethics and Standards of Practice for Investment Analysts”, Atlanta, GA, presented to the senior professionals representing the world’s leading investment analyst organizations
  • “A Look at the AIMR Trading Guidelines:  What Investment Advisers Need to Know,” presented at The 2002 Best Execution Compliance Symposium
  • “A Regulatory Perspective:  Incorporating the Latest Compliance Standards for SMAs,” presented at The 2nd Annual Managed Accounts Technology and Operations Summit
  • “Achieving Best Execution – Why Is It Important to Investors?”, presented as a chairperson at the Best Execution Congress 2001
  • “Advanced Soft Dollar Issues for IAs and BDs” and “An Advanced Session on AIMR and SEC Performance Advertising Compliance,” presented 16th Annual Fall Investment Adviser & Broker-Dealer Compliance Conference
  • “Advertising and Performance Reporting,” Division of Investment Management SEC Roundtable on Investment Adviser Regulatory Issues
  • “Ethics and Professional Conduct in the Marketplace,” Fortaleza, Ceara, Brazil, presented to the Brazilian Association of Capital Market Analysts and the Comissão de Valores Mobiliários - CVM (Securities and Exchange Commission of Brazil)
  • “Financial Analysts as Investor Representatives and Insider Trading,” Frankfurt, Germany, presented to the German Society of Investment Managers and Analysts’, members of the German Supreme Court and Frankfurt Stock Exchange
  • “Global Performance Presentation Standards and the UK Market,” London, England, presented to UK senior investment, pension and regulatory leaders
  •  “Investment Performance Portability” and “Hedge Funds,” presented at the Third Party Marketers Association
  • “Meeting Customer Demands for Performance Measurement and Reporting,” presented at the 2002 Managed Accounts Technology and Operations Summit
  • “The AIMR Performance Presentation Standards Applicability to the Japanese Market,” Tokyo, Japan, presented to the Japanese banks, pension, investment and regulatory leaders
  • “The Need for Global Best Practices for the Investment Management Industry,” Edinburgh, Scotland, presented to the European Federation of Financial Analysts’ Societies
  • “The Post-Levitt SEC,” presented at the TraderForum Fall Workshop