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News Jun 16, 2014

Shearman & Sterling Advises on New Pax Ellevate Global Women’s Index Fund Joint Venture

Shearman & Sterling advised Ellevate Network Owner Sallie Krawcheck (former President of Global Wealth & Investment Management for Bank of America, Chief Executive Officer and Chairman for Citi Global Wealth Management and Chief Financial Officer for Citigroup) and Ellevate Network President Allyson McDonald on the creation of their joint venture with Pax World to create the Pax Ellevate Global Women’s Index Fund.

The fund is a successor to the Pax World Global Women’s Equality Fund (PXWEX), following a shareholder-approved reorganization, and is the only mutual fund in the US focused on investing in companies that are global leaders in advancing women.

The Shearman & Sterling team included partners Stephen Besen (New York-Mergers & Acquisitions), Nathan Greene (New York-Investment Funds), and Donna Parisi (New York-Derivatives & Structured Products) and associates Joanna Si (New York-Mergers & Acquisitions) and Derek Kershaw (New York-Tax).

Ellevate Network, formally known as 85 Broads, is a global professional women’s network dedicated the economic engagement of women worldwide. Founded in 1997 by women who worked for Goldman Sachs at 85 Broad Street, the investment banking firm’s former NYC headquarters, the organization was acquired by Sallie Krawcheck in May 2013. Over the past decade, its paid membership has expanded to include female entrepreneurs and executives from diverse industries and backgrounds, as well as alumnae and students of some of the world’s leading colleges, universities and graduate schools. Members currently represent 130 countries in more than 40 regional chapters and campus clubs around the world.