Marc Cozzolino is a Director at Cleveland & Co, advising asset managers, institutional investors, and global financial firms on investment management law, regulatory compliance, and cross-border commercial strategy. With over 30 years of legal experience in the financial services sector, Marc brings a rare combination of deep technical expertise, strategic foresight, and collaborative leadership to every client engagement.
Marc has built and led legal functions at several top-tier global institutions. As Head of Legal and Compliance at Vontobel Asset Management, he established the firm’s in-house legal function from the ground up, implemented firmwide regulatory protocols, and significantly reduced reliance on external counsel. He developed and led review processes for institutional investment management agreements, implemented MFN provisions for separate accounts, and enhanced risk management across U.S. and Luxembourg-domiciled funds. He also designed and launched compliance training programmes tailored to asset management operations, supporting ongoing regulatory readiness and staff proficiency.
Prior to Vontobel, Marc served for over a decade as Executive Director at Morgan Stanley Investment Management, where he advised on institutional separate accounts, private funds, and global regulatory frameworks. He provided strategic counsel on matters governed by the Investment Advisers Act, Investment Company Act, ERISA, and the Dodd-Frank Act, and worked across jurisdictions including Australia, Asia, and Europe to support product development and client servicing.
Earlier in his career, Marc held senior legal positions at Merrill Lynch Investment Managers, The Prudential Insurance Company of America, and The Reserve Funds, where he deepened his expertise in securities regulation, fund structuring, and institutional investor relationships. He began his legal career as a regulatory officer at the New Jersey Bureau of Securities and later as a senior associate at Curtis, Mallet-Prevost, Colt & Mosle, LLP, advising hedge and private equity fund sponsors on U.S. securities and commodities laws.
Marc’s approach reflects Cleveland & Co’s values of integrity, strategic clarity, and cross-functional collaboration. Known for his calm authority, pragmatic insight, and inclusive leadership style, he is a trusted advisor to legal, compliance, operations, and investment teams across borders.
His areas of expertise include investment management law, institutional separate accounts, private funds and investor relations, cross-border transactions, regulatory compliance, contract negotiation and drafting, policy development, and stakeholder engagement. He is also a published legal author and frequent contributor to industry thought leadership.
Outside of work, Marc enjoys travelling to new destinations, writing, and spending quality time with family and friends. A passionate music enthusiast, he both listens to and plays music, finding inspiration and relaxation in the creative process. He is also an avid reader, continually expanding his perspectives through literature and thought-provoking works.
Marc has a strong track record across the investment management industry and has significant technical skills in:
- AIFMD
- AIFs Appointed Representative Arrangements
- Broker Agreements
- Collective Investment Schemes
- Commercial Contracts
- Company Law
- Company Secretarial
- Compliance
- Contract Drafting and Negotiation
- Contracts
- Corporate Agreements
- Corporate Governance
- Corporate Law
- Cross Border Marketing Rules
- Cross-Border Legal Requirements
- Depositary Services
- Distribution
- Distribution Agreements
- Due Diligence and Vendor Due Diligence
- Financial Regulation
- Financial Services Legislation (including: Capital Adequacy, Consumer Duty, MiFID II,
- Financial Services Regulation
- Fund Governance
- Fund Structures
- Funds (registered and unregistered/listed or unlisted
- GC services
- Hedge Funds
- Intra-group Agreements
- Introducer Arrangements
- Investment Management Agreements
- Investment Managers
- Legal Department building
- Legal Due Diligence
- Legal Research
- Legal Strategy
- LPAs
- ManCos
- NDAs
- Negotiation
- New Companies’ Incorporation
- Non-UCITS
- Outsourcing
- Pension Funds
- Platform Agreements
- Regulatory
- Regulatory & Compliance
- Regulatory Developments
- Regulatory Obligations
- Remuneration Rules, SFDR)
- Rule and Guidance
- Securities
- Service Agreements
- Trading Agreements
- Transition Management
- UCIT
- UK & EU Financial Services Legislation
- US Regulation
Establishing and Leading In-House Legal & Compliance Functions
Built the in-house legal function at Vontobel Asset Management from the ground up, serving as the inaugural General Counsel. Directed all legal, compliance, and regulatory matters globally, reducing reliance on external counsel and delivering significant cost savings through internalising negotiations, policy updates, and regulatory filings.
Strategic Contract Negotiation for Institutional Clients
Designed and implemented a comprehensive review framework for investment management agreements and side letters for institutional separate accounts, incorporating standardised MFN clauses and “Rules of the Road” to ensure contractual clarity, transparency, and alignment with client objectives.
Enhancing Global Risk Management Practices
Implemented robust due diligence processes covering legal, compliance, and operational reviews for key service providers to U.S. private funds and Luxembourg institutional funds. Developed and delivered quarterly compliance training programs to improve organisational proficiency and regulatory adherence.
Cross-Border Advisory on Investment Strategies and Regulatory Compliance
Advised on cross-border management and marketing of investment strategies across multiple jurisdictions, including Australia, Asia, and the UK. Provided in-depth counsel on complex regulatory frameworks such as the Investment Advisers Act, Investment Company Act, ERISA, Commodity Exchange Act, Dodd-Frank Act, and the Volcker Rule.
Comprehensive Legal Support for Alternative Investment Structures
Led on the formation, governance, and regulatory compliance for hedge funds, private equity funds, and collective investment trusts. Drafted and negotiated a wide range of fund documents, facilitated listings on international exchanges, and supported global expansion strategies for institutional investment managers.
- Association of Corporate Counsel
- American Bar Association, Business Law Section
- BA in Government, with Honors
- Juris Doctor
- Licensed to practice law in the State of New York and the Commonwealth of Pennsylvania
- Seton Hall University School of Law
- The College of William and Mary
- US lawyer qualified in 1994
- English
Emma Cleveland founded Cleveland & Co in 2012 with a vision to change the shape of legal services provision, and provide clients with high-quality effective advice. With over 20 years’ experience in the investment management sector, working with blue chips such as AIG, Threadneedle, Russell Investments and Aviva Investors, she is well-placed to do so.
A tri-qualified lawyer, whose noteworthy career began in litigation at the Australian Securities and Investments Commission, her broad-based expertise covers all areas of investment management: front office, middle and back office, business development, risk, compliance and legal. Emma has also played a key role in building new legal departments, creating and implementing global policies and managing international teams.
As CEO, Emma provides leadership and vision for how Cleveland & Co serves its 180+ international clients which have a combined AUM of over £4 trillion. Emma’s forethought, work ethic and energy has set the pace for a brand new way of doing business in law. Along with her innovation in the sector, Emma is paving the way for women across the industry building a successful business which has reached an entrepreneurial milestone that only 0.5% of all women in the UK are likely to achieve. Emma’s dedication, drive and superstar success is what makes Cleveland & Co the incredible company is it today.
When she is not blazing a new trail, winning new clients, opening new offices around the world or championing Diversity & Inclusion, Emma loves spending time with her husband, two daughters and golden doodle Snowball.
Emma has a strong track record across the investment management industry globally, working with a cross section of industry professionals from Portfolio Managers through to CEOs, in EMEA, Asia Pacific and North America. She has significant technical skills in:
- ACD Arrangements
- Administration
- AIFs
- Appointed Representative Arrangements
- Broker agreements
- CISs
- Commercial Contracts
- Corporate Finance
- Corporate Restructuring
- Corporate Sponsorship
- Custody
- Distribution
- Hedge Funds
- HR and Employment
- ICAV
- Institutional
- Intra-group Agreements
- Introducer Arrangements
- Joint Venture
- Listed Investment Companies
- M&A
- Outsourcing
- Pooled pension funds
- Private equity
- Real estate
- Regulation, including: MiFID II, Listing Rules, Competition Law
- Research Payments
- Securities Lending
- Service Agreements
- SICAV
- Sponsorship Arrangements
- Transition management
- UCITS and non-UCITS
Qualified in England & Wales, Ireland and NSW Australia
- Investment Association: act as General Counsel and advise on industry documentation, guidance and regulatory issues.
- Invesco Asset Management: advised on all aspects of building the investment legal team including drafting templates, negotiation guides and procedures, and training across EMEA.
- Canada Life Investments: advised on all aspects of fund distribution via all European platform providers, including drafting and negotiating agreements across 20 service providers.
- LaSalle Investment Management: undertook the complete review of all of real estate private equity funds, producing an extensive summary of all key terms of the underlying fund documentation.
- Columbia Threadneedle: advised on listed investment company launch, including drafting, review and negotiation of all fund documentation such as the offering memorandum and all agreements.
- Aviva Investors: advised on all aspects of investment management agreements for major clients, including structuring the overall portfolios of up to £250bn. Some were highly complex: with 140+ portfolios and various overlay strategies with separate/interdependent guidelines.
- Round Hill Capital: advised on all aspects of the asset and property management joint venture transaction between Round Hill and Starwood worth £120 million.
- Rede Partners: act as General Counsel and advised on the placement of various private equity funds including Apax France XI, HgCapital 8, PAI Europe VI and Summa Equity I for Rede Partners.
- Investment Association 2010 IMA Technical Committee
- Law Society of England and Wales
- Law Society of Ireland
- Law Society of New South Wales Australia
- Association of Women Solicitors
- 30% Club
- Bachelors degree in Commerce majoring in Finance (University of Wollongong)
- Honours Degree in Law (University of Wollongong)
- Graduate Diploma in Legal Practice (College of Law, Sydney)
- Graduate Certificate in Applied Finance and Investment (Financial Services Institute of Australia)
- Qualified Lawyers Transfer Test (College of Law England and Wales)
- Influencing, Persuading & Negotiating (Cambridge Legal Summer School)
- Non-Executive Director Training (Institute of Directors)
