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Soros Firm Looks to UBS for New General Counsel Hollenbeck (1)

Dec. 27, 2021, 6:46 PMUpdated: Dec. 27, 2021, 8:55 PM

Billionaire George Soros’s investment firm reached into UBS Group AG for its new general counsel, Andrew Hollenbeck, who spent a dozen years at various UBS units.

Hollenbeck, most recently general counsel for UBS Asset Management Americas Inc., is responsible for all legal, regulatory, and compliance issues at Soros Fund Management, including the oversight of portfolio transactions and family office matters, said Soros spokesman Michael Vachon. Hollenbeck’s hire had not previously been publicly disclosed.

Hollenbeck’s recruitment comes nearly a year after the exit of former Soros Fund Management general counsel Boyd Johnson III, an ex-federal prosecutor who once co-chaired the defense and investigations practice at Wilmer Cutler Pickering Hale and Dorr. He returned to the law firm as a partner in December 2020.

Soros Fund Management initially hired Johnson in 2018 to replace longtime legal chief Maryann Canfield, who transitioned to a new role as chief operating officer of the firm’s family services division.

In September, the same month Hollenbeck was hired, former assistant general counsel Regan O’Neill left Soros Fund Management to become general counsel and chief compliance officer for Burkehill Global Management LP. He had spent nearly a dozen years at the New York-based firm.

Hollenbeck in his new position at Soros Fund Management oversees a team of legal and compliance professionals and is member of the senior management team. He reports to the firm’s chief investment officer, Dawn Fitzpatrick, who also previously worked at UBS Asset Management.

Hollenbeck joined UBS in 2009. Over the next dozen years, he held a variety of in-house legal roles, including general counsel for hedge fund-related businesses UBS O’Connor LLC and UBS Hedge Fund Solutions LLC.

In mid-2019, Hollenbeck was named a managing director and general counsel for UBS Asset Management in Chicago, a position that saw him oversee all the company’s various asset management businesses in the Americas region, including alternative, real estate, and traditional asset classes.

Hollenbeck began his legal career working as an associate at Ice Miller in Indianapolis and Mayer Brown in Chicago.

UBS, for its part, has a new group general counsel in Barbara Levi, a former legal chief at Rio Tinto PLC. Her recruitment was announced earlier this year by Zurich-based UBS as it coped with the fallout from the sudden collapse of investor Bill Hwang’s family office Archegos Capital Management LP.

Bloomberg News reported in August that Soros Fund Management liquidated positions bought during Archegos’s implosion.

Soros Fund Management, once structured as a hedge fund, has been a family office since 2011. It is a separate entity from the Open Society Foundations, a grantmaking network founded by Soros, whose personal fortune is worth roughly $7.5 billion, per the Bloomberg Billionaires Index.

More Asset Management Additions

Hollenbeck joined Soros Fund Management around the same time that innovation-focused investor Cathie Wood’s Ark Investment Management hired D. Forest Wolfe to be its first general counsel in five years.

Other recent legal recruits in the investment management space include:

  • Advent Capital Management LLC hired former Aperture Investors LLC general counsel and global compliance chief Kathleen Olin this month as its general counsel. Olin succeeds former legal and compliance chief Edward Delk, who left in November to become a senior vice president and global compliance chief at asset manager Cohen & Steers Inc. Delk spent nearly a decade at Advent.
  • Indaba Capital Management LP, a San Francisco-based hedge fund sponsor, added Akin Gump Strauss Hauer & Feld senior regulatory counsel William Wetmore in November as its compliance chief. Wetmore worked at Akin Gump since joining the firm as a summer associate in 2007.
  • Versus Capital Advisors LLC, a Denver-based investment adviser, picked up former Perkins Coie corporate partner Timothy Fete Jr. in October to be its new legal chief. During his nearly two decades in private practice, Fete handled equity financings and complex corporate transactions for private equity funds and their portfolio companies, particularly in the technology and health care sectors.
  • Bristol Bay Industrial LLC, a strategic investor and portfolio manager backed by Alaska’s Bristol Bay Native Corp., announced Aug. 30 its hire of Stephen Cox as general counsel and chief strategy officer. Cox, a former senior associate at WilmerHale, most recently served as U.S. Attorney for the Eastern District of Texas. Cox said via LinkedIn that he now reports to former WilmerHale colleague Mark Nelson, who has been Bristol Bay’s president and CEO since 2015.
  • Allspring Global Investment LLC, a newly independent company formed over the summer via the acquisition and rebranding of Wells Fargo Asset Management Corp., announced Aug. 18 its hire of a new legal chief in Katherine Sandman McKinley, a former general counsel for State Street Global Advisors Inc. Chris Baker, a non-lawyer compliance chief at State Street Global Advisors, is also poised to join McKinley at Allspring, which is owned by private equity firms GTCR LLC and Reverence Capital Partners LP, in a top compliance role.
  • Marathon Asset Management LP announced Aug. 10 that its longtime president and COO Andrew Rabinowitz, an attorney, would step down from the hedge fund in September with his duties split among a trio of executives, including newly appointed chief legal and compliance officer Christine Chartouni. Rabinowitz subsequently was named co-CEO of K2 Integrity Holdings Inc., a risk, investigations, compliance, and advisory firm formerly known as K2 Intelligence.
  • Allvue Systems Holdings Inc., a software provider for the alternative investment industry that postponed a public listing in September, announced July 28 its hire of legal chief Deborah Mason from Nielsen Holdings PLC, where she was North America general counsel for a consumer insights unit the company sold this year. Mason replaced former Allvue general counsel Roman Bejger, who in early 2021 was hired by hedge fund manager Steven Tananbaum’s GoldenTree Asset Management LP to succeed its retiring longtime general counsel Barry Ritholz.
(Adds second section detailing other notable legal hires in the investment management space.)

To contact the reporter on this story: Brian Baxter in New York at bbaxter@bloomberglaw.com

To contact the editor responsible for this story: Chris Opfer at copfer@bloomberglaw.com;
John Hughes at jhughes@bloombergindustry.com