A high concentration of insurance companies in the state and desire by Connecticut attorneys specializing in investment management to identify and confront industry issues, has spawned the formation of a new organization, the Investment Company Act of 1940 Attorneys’ Association of Connecticut.

Following the lead of New York and California, two states that have successfully formed similar groups, attorneys involved saw a need for a ’40 Act association.

"I have big hopes and expectations for the Connecticut group, perhaps even expanding into all of New England at some point," said founding member Christine Murphy in a statement. Murphy is a ’40 Act attorney from Manchester, Conn.

Murphy cited the insurance industry’s huge representation in the state and its direct relation to the high concentration of ’40 Act attorneys. Often, insurance companies are the sponsors for variable products.
The group is holding its second meeting on the 30 th of this month. In July, more than 25 lawyers attended the Hartford Club for the club’s initial meeting.

Co-sponsors of the group are Sutherland Asbill & Brennan, LLP and Dechert LLP, both of which have financial services practices.

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