It took a $2 billion trading scandal at investment bank UBS to propel the world of exchange-traded funds into the public spotlight. But for a small universe of lawyers, these funds, with $1 trillion in U.S.–listed assets, have been a lucrative source of work for well over a decade. That workload is only increasing as investment firms continue to launch new funds to satisfy expanding investor demand for this once obscure product, say fund lawyers.
“It’s the fastest-growing area of the [investment] market,” says W. John McGuire, a partner in investment management and securities industry practice at Morgan, Lewis & Bockius. “In an economy like ours, if [fund companies] see any part of the economy growing, they can’t afford to ignore it.”
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