ERISA Fiduciary Compliance for Investment Managers

Summary

This practice note provides guidance on fiduciary duties under the Employee Retirement Income Security Act (ERISA) that apply to ERISA § 3(38) (29 U.S.C. § 1002(38)) discretionary investment managers of both separate accounts for ERISA-covered plans (Managed Accounts) and commingled investment vehicles that are deemed to hold plan assets subject to ERISA (ERISA Funds, and together with Managed Accounts, ERISA Clients).