Benjamin D. McCulloch



Benjamin D. McCulloch represents U.S. registered funds, their investment advisers and their boards of directors/trustees regarding issues related to the Investment Company Act of 1940, Investment Advisers Act of 1940, Securities Act of 1933 and Securities Exchange Act of 1934. Ben assists his clients in securities and investment management matters with an emphasis on investment company issues. He has significant experience advising clients on the offering, organization, operation and various filing and reporting requirements of closed-end funds, open-end mutual funds, exchange-traded funds (ETFs), separately managed accounts, UCITS funds, and funds classified as commodity pools.

Ben has particularly significant experience advising clients as it relates to sponsoring and managing ETFs. He has advised clients on ETF structures, authorized participant arrangements, portfolio compliance and operational matter. Ben has also counseled sponsors and boards of actively-managed ETFs and has substantial experience working with exchanges and the SEC to bring actively-managed ETFs to the market. Many of the funds Ben advises utilize derivative investment strategies. Ben has also advised on general transactional matters, including negotiating fund service provider agreements, authorized participant and dealership agreements, and various corporate and licensing agreements.

Prior to joining Drinker Biddle, Ben was an in-house lawyer at a global investment fund complex and investment adviser. In this role he counseled the new product development, operational and trading, fund accounting and compliance departments on investment advisory and investment company matters. He also served as the Chief Compliance Officer of the complex’s Canadian mutual funds.

Prior to attending law school, Ben worked in the financial services industry as a financial advisor and fixed income securities trader. Ben also served in the U.S. Navy and in combat deployments.


  • Represented clients and drafted more than a dozen exchange rule amendment applications (Rule 19b-4 applications) to the Securities and Exchange Commission in order to develop actively-managed ETFs.
  • Chief Compliance Officer of a Canadian mutual fund complex.

Member of Drinker Biddle’s investment management practice, consistently ranked as one of the top investment management practices in the country by Chambers USA and The Legal 500.


Bar Admissions

  • Illinois


  • University of Miami School of Law, J.D., 2011, cum laude, Miami International and Comparative Law Review
  • Dominican University, M.B.A., 2009
  • University of Phoenix, B.S., 2006


  • Green Star Movement, Governance Committee (2016-present)
  • Investment Company Institute, International Committee (2012-2014)
  • Investment Company Institute, Derivatives Markets Advisory Committee (2012-2014)