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Vedder Thinking | News Vedder Price Represents Wealth Manager Kovitz in Launch of First ETF Conversion in the Form of a Fund Combination

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Vedder Price is pleased to announce that it has represented Kovitz Investment Group Partners, LLC in the launch of Kovitz Core Equity ETF (NYSE Arca: EQTY), which was launched through the combination of two mutual funds – Marathon Value Portfolio and Green Owl Intrinsic Value Fund. The transaction represents the first ETF conversion effected through a combination of two mutual funds. The transaction required a shareholder vote by the shareholders of Marathon Value Portfolio (not typical for ETF conversions), and also included a contribution of assets by numerous separately managed accounts of the adviser.

All funds participating in the transaction are sponsored by Kovitz Investment Group Partners, LLC. Kovitz is a value-based wealth management firm that offers mutual funds, private funds and separately managed accounts. Kovitz Core Equity ETF is its first entry into the ETF space.

This conversion represents what Vedder believes to be a new industry trend of wealth management firms offering proprietary ETF solutions for their clients instead of through traditional mutual funds which do not offer the same tax advantages. Cohen & Company, Ltd. served as auditor to both mutual funds and will continue to serve as auditor for Kovitz Core Equity ETF.  Ultimus Fund Solutions, LLC served as fund administrator to both mutual funds and will continue to serve as fund administrator to Kovitz Core Equity ETF.

Vedder Price, led by Investment Services Group Shareholders Deborah Bielicke Eades, Joseph Mannon and Jeremy Senderowicz, assisted Kovitz in the formation of Kovitz Core Equity ETF and in all aspects of the conversion of the mutual funds and separately managed accounts.  The Vedder Price team guided Kovitz through complex regulatory, tax and operational issues associated with the transaction. Other contributing team members included Investment Services Group associate Ryan Hajen, Tax Shareholder Dan Sherlock and Tax counsel Amy Lewis.


Deborah Bielicke Eades


Joseph M. Mannon


Jeremy I. Senderowicz


Daniel T. Sherlock


Amy E. Lewis