SEC Chair Jay Clayton stressed in an April 2, 2020, statement that investors remain front of mind at the SEC. At a special meeting of the Investor Advisory Committee held the same day, Clayton noted, “Our investors and our markets thirst for information as a general matter. This is particularly the case in times of economic shock and uncertainty.” As a result, investors may complain if they feel a fund manager is not being forthcoming about the status of the fund or communicating sufficiently with them. Investors may also complain for other reasons, such as if the manager suspends redemptions or withdrawals from the fund. Therefore, it is important that a fund manager have a plan for managing investor complaints. This article discusses what constitutes an investor complaint; who within the fund manager should receive those complaints; how investor complaints should be investigated and addressed; when to notify outside counsel of an investor complaint; how to determine the appropriate course of action, including whether, when and how to respond to complaints; and how to document a complaint. For more on communicating with investors, see “The Dos and Don’ts of Investor Calls That Investment Managers Must Consider” (May 7, 2020).