George Michael Gerstein

George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.

David Grim, Larry Stadulis & George Michael Gerstein @ ICI – The SEC, the DOL, and the States: A New Fiduciary World

Join us tomorrow at the ICI General Membership Meeting: 5:15-5:55 pm at Washington Hilton, Gunston Hall

What the Fiduciary Governance Group has been up to this Spring

Check out the Fiduciary Governance Group Spring 2018 Portfolio!

ESG Considerations for ERISA Fiduciaries

I recently moderated a panel for Fi360 called, “ESG Considerations for ERISA Fiduciaries.” Here is a link to the recording.

I was joined by Ali Caffery of Envestnet and Jason Blackwell of Mercer. Too many ESG panels either sidestep the fiduciary issues altogether or discuss them in such abstract terms so as to not be terribly useful. We took a practical approach and walked the audience through some of the key issues a fiduciary should take into account when considering an ESG strategy. We received really strong feedback. I want to thank again Blaine Aikin and his entire team for allowing us to speak on this important topic!

Slim Chances

Bill Mandia talks to Fund Action about the states’ arguments for a Fifth Circuit re-hearing on the Fiduciary rule.

Bill Mandia talks to Citywire about Fifth Circuit developments on DOL rule

The Beat Goes On – States Seek Reconsideration from Fifth Circuit

The states of California, New York, and Oregon have requested reconsideration of the Fifth Circuit’s denial of their request to intervene in the fiduciary rule case.

Growth of Sustainability Strategies in US Passive Funds

As highlighted by Ignites, Morningstar recently released a report on the growth of assets in passive funds pursuing a sustainable strategy. Interestingly, about half of the funds are thematic. Unsurprisingly, virtually all are equity funds. The US market for these types of funds continues to lag other regions, though that gap is not unique to ESG passive funds, and applies to ESG broadly.

FX Service Providers Should Watch DOL Fiduciary Rule Developments

As I wrote in Profit & Loss last year, FX service providers, particularly those in an agency capacity, should continue to monitor the fate of the DOL Fiduciary Rule, particularly for straddling the line between pure sales/marketing and those communications that may give rise to a “recommendation” under the 2016 rule. Hedging managers will stand to benefit if we revert to the 1975 rule.

Take a deep breath on the 5th Circuit – Bill Mandia, financial services litigator, weighs in

Bill Mandia was interviewed by Citywire on why the Fifth Circuit has not officially vacated the DOL Fiduciary Rule yet.

Stradley’s analysis of latest DOL guidance showcased: “What was designed as a sweeping and, to many, draconian, rule has since morphed into an ever narrower and more flexible slate of compliance obligations”