David C. Hepp
David Hepp serves as co-head of the firm’s Financial Institutions Group. Mr. Hepp’s practice focuses on transactions involving asset management, wealth management, broker-dealer and other financial services businesses.


These transactions include all manner of acquisitions and dispositions, minority investments, management buyouts and restructurings. Mr. Hepp has worked on transactions involving a wide range of publicly traded and privately held firms, including traditional retail or institutional managers with a limited suite of traditional products; diversified firms with multiple platforms offering a full range of products through multiple distribution channels; alternative asset managers of hedge funds, private equity funds or funds of funds; managers of specialized product offerings such as ETFs or CDOs; broker-dealers; and service providers such as hedge fund administrators. He has represented both strategic and financial buyers and sellers and management owners. Mr. Hepp has been involved in many of the largest transactions in the industry.

Mr. Hepp has represented clients worldwide in numerous U.S. and cross-border transactions, including:

  • Janus Capital Group in its merger-of-equals with Henderson Group;
  • American Beacon Advisors in its acquisition of interests in Shapiro Capital Management, ARK Investment Management and AlphaQuant Advisors;
  • First Eagle Investment Management in its acquisition by funds affiliated with Blackstone and Corsair Capital;
  • BlackRock in its acquisition of Infraestructura Institucional;
  • Russell Investments in its acquisition by the London Stock Exchange Group for $2.7 billion;
  • Solus Alternative Asset Management in its sale of a minority interest to Blackstone Capital Partners;
  • BlackRock in its acquisition of BlackRock Kelso Capital Advisors;
  • the management team of River Road Asset Management, LLC in its acquisition by Affiliated Managers Group from Aviva Investors North America Holdings Inc.;
  • E*TRADE Financial in its sale of G1 Execution Services to Susquehanna International Group;
  • Société Générale in its sale of The TCW Group to The Carlyle Group and the management of TCW;
  • Russell Investments in its sale of the Pantheon fund of funds business to Affiliated Managers Group for up to $1 billion;
  • Pacific Century Group in its acquisition of American International Group Inc.’s third-party asset management business for up to $500 million;
  • Lincoln Financial Group in its sale of its asset management business, Delaware Investments, to Macquarie Group Limited for $428 million;
  • Affiliated Managers Group in its acquisition of a majority interest in Harding Loevner;
  • BlackRock in its up to $1.7 billion purchase of Quellos Group LLC; and
  • Citigroup in the $3.7 billion asset swap between Citigroup and Legg Mason.

Mr. Hepp’s practice also involves the structuring of compensation, retention and equity ownership arrangements for asset management and other financial services firms and their principals.

He also represents participants in the private equity fund industry in the formation and operation of their private equity funds.



  • J.D., Albany Law School, Union University, 1998 (cum laude)
  • B.S., Le Moyne College, 1992 (summa cum laude)


  • New York

David C. Hepp

Partner, Mergers and Acquisitions; Financial Institutions