As a member of the Firm’s Investment Management Group, Paul McElroy advises clients on all matters relating to investment companies and investment advisers. His work in the investment management practice area has included the creation and public offering of mutual funds, serving as fund counsel to open-end and closed-end funds, structuring/financings of private investment funds, and M&A of investment advisers and mutual fund complexes.
Mr. McElroy advises on matters relating to exchange-traded funds (ETFs), and has worked on formation and public offerings of iShares (formerly Foreign Fund), the first ETFs structured in the form of a multi-series open-end investment company, and of iShares S&P GSCI Commodity-Indexed Trust, the first commodity index-based ETF to invest in a unique long-dated futures contract on its benchmark index.
Mr. McElroy represents issuers and underwriters in public/private offerings of debt/equity securities. He has had primary responsibility in S&C’s roles as underwriters’ counsel for Fannie Mae’s public offerings of $14.9 billion of common/preferred stock (2007, 2008), and as placement agent counsel for Fannie Mae’s private offerings of $6.4 billion of preferred stock (2004, 2007). He also has primary responsibility in S&C’s role as underwriters’ counsel in issuances of debt securities of the government-sponsored enterprises Fannie Mae and Federal Home Loan Banks, and of the multilateral development financial institutions World Bank, International Finance Corporation, Inter-American Development Bank and African Development Bank.
Mr. McElroy also works on the debt offerings of various issuers for which S&C serves as issuer’s counsel, including the multilaterals North American Development Bank, Corporación Andina de Fomento (CAF) and Fondo Latinoamericano de Reservas (FLAR).