Acting for funds and banks alike, Gowling WLG's team is made up of 'real specialists' across the spectrum of issues affecting listed funds, including new listings, secondary raises and M&A in the sector. Nick Heather continues to spearhead the firm's efforts, with experience overseeing listings on the Main Market and AIM on behalf of funds, banks and brokers. John Reed is a key contact for fund structuring and mergers, while Oliver Riley advises across the lifecycle of funds, from structuring to IPOs and secondary fundraising, focusing in particular on real assets. Kristian Rogers is equally adept at supporting LSE listings as he is TISE and Euronext, with Kate Seabourne-Pugh acting for funds and brokers in relation to equity raises and regulatory issues.
Listed funds in London
Gowling WLG
Responsables de la pratique:
Nick Heather
Autres avocats clés:
John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne-Pugh Emily Airton
Les références
‘The Gowling team provides a seamless, professional service. The senior partner, John Reed, is always engaged but allows his people to always be involved, which is a great way to develop talent.’
‘John Reed is our main point of contact and he is one of the most knowledgeable and sound advisors in the investment companies space.’
‘The team really understands the specific issues and challenges of investment trusts. They are real specialists.’
Principaux clients
Octopus Renewables Limited
Hipgnosis Songs Fund Limited
Home REIT plc
Harmony Energy Income Trust plc
AssetCo plc
Ellora Partners Limited
Cordiant Digital Infrastructure Limited
HydrogenOne Capital Growth plc
Castelnau Group plc
Life Science REIT plc
Foresight Sustainable Forestry Company plc
Triple Point Energy Transition plc
Round Hill Music Royalty Fund Limited
Downing Renewables & Infrastructure Trust plc
Temple Bar Investment Trust PLC
Octopus Renewables Infrastructure Trust plc
CEIBA Investment Limited
Numis Securities plc
Winterflood Securities Limited
Peel Hunt LLP
Jefferies International Limited
Singer Capital Markets Limited
Panmure Gordon (UK) Limited
Cavendish Securities plc
Stifel Nicolaus Europe Limited
Urban Logistics REIT plc
Empiric Student Property plc
GCP Student Living plc
GCP Asset Backed Income Fund Limited
AEW UK REIT PLC
Molten Ventures plc
BlackRock Frontiers Investment Trust plc
BlackRock North American Investment Trust plc
BlackRock Energy and Resources Income Trust plc
J.P. Morgan Cazenove
Odyssean Investment Trust plc
Tufton Oceanic Assets Limited
Investec Bank plc
Mercia Asset Management plc
RBC Europe Limited
Chenavari Toro Income Fund Limited
Gabelli Value Plus+ Trust plc
Shore Capital and Corporate Limited
abrdn European Logistics Income PLC
International Biotechnology Trust plc
ICG-Longbow Senior Secured UK Property Debt Investments Limited
Montanaro UK Smaller Companies Investment Trust plc
Joh. Berenberg, Gossler & Co. KG
Principaux dossiers
- Advised Round Hill Music Royalty Fund Limited on its c.$470m takeover, via a scheme of arrangement, by Alchemy Copyrights LLC.
- Advised Molten Ventures plc on its all-share takeover offer, via a scheme of arrangement, for Forward Partners Group plc and concurrent equity fundraising of c.£55m.
- Advised International Biotechnology Trust plc on the termination of its current investment management arrangements and the appointment of Schroders as its new fund manager and alternative investment fund manager.
Herbert Smith Freehills LLP
The listed funds team at Herbert Smith Freehills LLP is known as ‘the “go-to” team in the sector’, offering ‘great sector knowledge alongside expertise in other matters which impact the listed fund sector‘. Key names include the ‘excellent‘ Nigel Farr, who is ‘extremely knowledgeable and very easy to work with‘, Tim West and Nish Dissanayake, as well as ‘a very strong group of associates who work hard, understand the sector well and are commercially astute.’
Responsables de la pratique:
Tim West
Autres avocats clés:
Nigel Farr; Nish Dissanayake; Shantanu Naravene
Les références
‘The team is able to to adapt to unique situations with ease.’
‘The “go-to” team in the sector. The team have great sector knowledge alongside an awareness of, and access to, expertise in other matters which impact the listed fund sector. The team has long offered strong transactional legal advice, but also offer excellent and commercial advice on more day-to-day matters. Our firm has used them for many years and can’t imagine going elsewhere.’
‘I have worked closely with Shantanu Naravane and Warwick Carless. Shantanu has great leadership skills and Warwick adapts very well to unique situations. I would recommend both of them.’
Principaux dossiers
Hogan Lovells International LLP
Under the guidance of Erik Jamieson, Hogan Lovells International LLP advises clients on their capital raising efforts, with particular experience advising funds targeting energy and infrastructure assets. The practice is also a popular choice for banks acting as bookrunners for listed funds looking to issue securities offerings. Jonathan Baird assists with capital raisings and fund mergers; his dual England and Wales and US-qualified (New York) status enables him to provide advice on US securities law. James Alder‘s broad practice encompasses capital raisings and M&A activity across a variety of asset classes.
Responsables de la pratique:
Erik Jamieson
Autres avocats clés:
Jonathan Baird; James Alder
Les références
‘Excellent depth of resource in the investment funds team with strong working knowledge of listed closed-end funds. Juniors to partners are all excellent in my experience.’
‘Erik Jamieson is at the top of his game.’
Principaux clients
Deutsche Numis
Amber Infrastructure
Investec Bank PLC
JP Morgan Cazenove
Portfolio REIT PLC
BH Macro Limited
3i Infrastructure plc
Astatine Capital Partners
International Public Partnerships Limited
Irish National Treasury Management Agency
Principaux dossiers
- Advised Deutsche Numis on its role as sponsor, broker and financial adviser to Custodian Property Income REIT plc in connection with its recommended all share offer for abrdn Property Income Trust Limited.
- Advised Amber Infrastructure on its appointment as the new investment manager of US Solar Fund PLC.
- Advised BH Macro on the establishment of a £1bn share issuance program and the initial issue of shares under that program, raising £315m.
Stephenson Harwood
In addition to supporting IPOs, Stephenson Harwood's 'pragmatic and commercially astute' listed funds team advises clients on fund mergers, capital raises and manager changes. Practice head William Saunders brings his considerable experience to bear on the range of fund transactions, from investments to IPOs and mergers. Fund structuring and restructuring mandates form the core of Alex Haynes' work, and he is also able to advise funds on the acquisition or disposal of assets. Carolyn Hall's joint funds and corporate practice means she is well-positioned to assist clients with their initial listings and secondary issuances, all of which are also areas of strength for Kate Longman.
Responsables de la pratique:
William Saunders
Autres avocats clés:
Alex Haynes; Carolyn Hall; Kate Longman
Les références
‘An extremely knowledgeable, well-resourced team that is really focused on client needs and interests. I’ve used the team over many years and they’ve never let me down. They are great fun to work with.’
‘William Saunders is outstanding – he’s my first choice lawyer in the sector based on quality of advice and value for money. He’s readily accessible and very responsive, and always willing to go the extra mile. He really knows how to build long-term relationships with clients.’
‘Kate Longman is excellent. She has a no-nonsense approach and consistently delivers.’
Principaux clients
Aberdeen UK Tracker Trust
Acorn Income Fund Limited
Akur Limited
Allianz Global Investors GmbH
Allianz Technology Trust PLC
Alternative Asset Opportunities PCC Limited
Alternative Credit Investments plc
Alternative Liquidity Fund Limited
Alvarium RE Limited
APQ Global Limited
Aseana Properties Limited
Ashoka India Equity Investment Trust plc
Ashoka WhiteOak Emerging Markets Trust plc
Asian Energy Impact Trust plc
Augmentum Capital LLP
Augmentum Fintech plc
AVI Japan Opportunity Trust plc
Bellevue Healthcare Trust plc
Big Society Capital Limited
BDO LLP
BlackRock Income & Growth Investment Trust plc
BlackRock Smaller Companies Trust plc
BlackRock Throgmorton Trust plc
Camper & Nicholsons Marina Investments Limited
Cantor Fitzgerald Europe
Capital Gearing Trust P.l.c.
Cavendish Securities plc
CC Japan Income & Growth Trust plc
City of London Investment Trust plc
CG Asset Management Limited
Corevestis Portfolio Management GmbH
Coupland Cardiff Asset Management
Custodian Property Income REIT plc
Development Partners International LLP
Dr. Peters Holding GmbH
Dragon Capital Limited
Draper Esprit VCT plc
Eighteen East Capital Limited
Ellora Partners Limited
European Opportunities Trust plc
European Real Estate Investment Trust Limited
Fair Oaks Income Limited
GCP Infrastructure Investments Limited
GCP Asset Backed Income Fund Limited
Geiger Counter Limited
Gore Street Capital Limited
Gore Street Energy Storage Fund plc
Gravis Advisory Limited
Gravis Capital Management Limited
Grit Real Estate Income Group Limited
Gulf Investment Fund plc
Henderson Global Trust plc
Henderson International Income Trust Fund
Henderson Value Trust
Hipgnosis Song Management Limited
Home REIT plc
Impax Asset Management Group plc
Invesco Fund Managers Limited
Investec Bank plc
Jefferies International Limited
Joh. Berenberg, Gossler & Co. KG
J.P. Morgan Cazenove
Jupiter Emerging & Frontier Trust plc
Jupiter UK Growth Investment Trust PLC
Jupiter Green Investment Trust plc
KR1 plc
Lazard Asset Management Limited
Liberum Capital Limited
Lowland Investment Company plc
LXI REIT plc
LXi REIT Advisors Limited
Kudu Investment Management, LLC
Manchester & London Investment Trust plc
Menhaden Resource Efficiency PLC
MIGO Opportunities Trust PLC
Mobius Capital Partners LLP
Mobius Investment Trust plc
Molten Ventures VCT plc
Momentum Multi-Asset Value Trust plc
Numis Securities
Oakley Capital Investments Limited
Panmure Gordon (UK) Limited
Peel Hunt LLP
PMM Partners
Premier Miton Global Renewables Trust plc
Premier Miton Investors
Qatar Investment Fund plc
Sancus Lending Group Limited
Scape Living plc
Scape Student Living Limited
Schroder British Opportunities Trust plc
Schroder BSC Social Impact Trust plc
Schroder Investment Management Limited
Schroder Real Estate Investment Management Limited
Schroder Real Estate Investment Trust Limited
Schroders Capital Global Innovation Trust PLC
Secured Income Fund plc
Seraphim Space Investment Trust plc
Seraphim Space (Manager) LLP
Shore Capital and Corporate Limited
Shore Capital Stockbrokers Limited
Singer Capital Markets Securities
Stifel Nicolaus Europe Limited
Stockdale Securities Limited
Strand Hanson Limited
Strategic Equity Capital plc
Sturgeon Capital Limited
SuperSeed Capital Limited
SuperSeed Ventures LLP
The Bauhaus Investment Trust plc
The Bankers Investment Trust PLC
The Brunner Investment Trust PLC
The Diverse Income Trust plc
The Merchants Trust PLC
The Investment Company plc
Victory Park Capital Advisors
Vietnam Enterprise Investments Limited
Vietnam Holding Limited
VPC Specialty Lending Investments PLC
Whiteoak Capital Group
Winterflood Securities Limited
Principaux dossiers
- Acted for Custodian Property Income REIT plc on its recommended merger with abrdn Property Income Trust Limited.
- Acted for Atlantis Japan Growth Fund Limited on its merger with Nippon Active Value Fund plc.
- Developed and implemented EOT plc’s tender offer for up to 25% of its issued share capital, completed on 31st January 2024.
Dentons
Split between London and Edinburgh, Dentons' listed funds team is called on by REITs, fund managers and sponsors in relation to a broad range of tasks, including s. 110 mergers, prospectus launches, changes in fund managers and day-to-day regulatory issues. Leading the team together are the 'pragmatic' Guy Norfolk, a specialist in the structuring of investment vehicles, and Claire Armstrong, whose practice covers capital raisings and fund transactions. Owen McLennan is noted for his regulatory expertise and is also well versed in fund structuring, while Sarah Wylie handles formation, fundraising and regulatory issues under MiFID II and AIFMD, among others.
Responsables de la pratique:
Guy Norfolk; Claire Armstrong
Autres avocats clés:
Owen McLennan; Sarah Wylie; Alex Petrie
Les références
‘Guy Norfolk is pragmatic, giving expert advice based on experience in the sector rather than theoretical position. The London funds team also works well with the Edinburgh office for additional experienced resources and also with other departments (e.g. banking, US securities law).’
Principaux clients
Baillie Gifford & Co
Shires Income plc
Invesco Select Trust plc
abrdn Japan Investment Trust plc
abrdn New Dawn Investment Trust plc
Hansa Investment Company Limited
Invesco Bond Income Plus Limited
Monks Investment Trust plc
European Opportunities Trust plc
The Edinburgh Investment Trust plc
Juniper Partners
Principaux dossiers
- Advised Shire Income plc on its merger with abrdn Smaller Companies Income Trust.
- Assisted Invesco Select Trust plc with its strategic review and restructuring.
- Advised abrdn Japan Investment Trust plc on its merger with Nippon Active Value Fund.
Norton Rose Fulbright
Norton Rose Fulbright handles the formation of listed investment vehicles and is equally adept at assisting fund managers with IPOs, secondary raises and the return of capital to investors. The team also acts for banks in relation to fundraising matters and in their capacities as sponsors and bookrunners. Practice head Richard Sheen is sought out for his expertise in fund structuring and transactions. Further fund structuring expertise comes in the form of Ian Fox, who is well versed in listing funds on LSE Premium and Specialist markets. Margaret Simcock acts for clients across the entire lifecycle of fund structures, from launch to restructuring.
Responsables de la pratique:
Richard Sheen
Autres avocats clés:
Ian Fox; Margaret Simcock
Les références
‘Strong team with many years of experience in the listed funds sector. Easy access to other specialist areas within the firm such as tax and regulatory where necessary.’
‘Ian Fox is a very experienced, hands-on practitioner. Always available with clear, sound and commercial advice.’
‘Ian Fox is a seasoned industry professional. He is very responsive, commercial and practical but all over the detail.’
Principaux clients
Atrato Onsite Energy
BBGI Global Infrastructure SA
Bluefield Solar Income Fund Limited
Ecofin US Renewables Infrastructure Trust PLC
F&C Investment Trust plc
Taylor Maritime Investments Limited
JP Morgan Cazenove
Investec Bank plc
Macau Property Opportunities Fund
Numis Securities Limited
RBC Capital Markets
Singer Capital Markets Limited
The Renewables Infrastructure Group Limited
Trian Investors 1 Limited
UIL Limited
UIL Finance Limited
Winterflood Securities Limited
Nikko Asset Management
Jefferies International Limited
Merrill Lynch International
Goodbody Stockbrokers
Utilico Emerging Markets Trust PLC
Liberum Capital Limited
Principaux dossiers
- Advised JPMC as sponsor and sole bookrunner in relation to an initial issue of sterling and US dollar ordinary shares in BH Macro Limited.
- Advised Liberum Capital Limited as placing agent in relation to an institutional placing of Zero Dividend Preference Shares by Conygar ZDP plc.
- Advised Trian Investors 1 Limited, a Guernsey incorporated investment company admitted to the Specialist Fund Segment, on its return of capital to shareholders following the realisation of the investments in Ferguson plc and Unilever plc.
Cadwalader, Wickersham & Taft LLP
Cadwalader, Wickersham & Taft LLP counts both funds and sponsors amongst its clients, whom it advises on secondary raises, mergers and fund restructures. Heading up the practice is Michael Newell, whose expertise includes the structuring of new investment vehicles, including REITs, and a broad range of transactional matters. Jack Andrew Kelly advises sponsors and funds focused on a broad spectrum of asset classes, from infrastructure to emerging markets, on the launch of new funds and fundraising challenges.
Responsables de la pratique:
Michael Newell
Autres avocats clés:
Jack Andrew Kelly
Les références
‘Mike Newell has been our corporate advisor since listing. He knows all about our business.’
‘Mike Newell is calm and considered and has the respect of the board.’
Principaux clients
Civitas Social Housing PLC
Greencoat UK Wind PLC
Greencoat Renewables PLC
Residential Secure Income PLC
Principaux dossiers
- Advised the independent board of Civitas Social Housing PLC on a recommended all-cash offer by Wellness Unity Limited which was implemented by way of a takeover offer.
- Advised the independent board of Residential Secure Income PLC on the replacement of its alternative investment fund manager, ReSI Capital Management Limited, with Gresham House Asset Management Limited.
Charles Russell Speechlys LLP
Charles Russell Speechlys LLP is ‘genuinely great at listed funds,’ working with the firm’s Luxembourg and Switzerland offices to assist clients with the structuring of funds and amendments to investment policies and agreements with managers. The ‘simply outstanding’ Victoria Younghusband acts for listed funds domiciled in the UK and Channel Islands, advising them from the structuring and fundraising stages through to winding up. She heads the practice alongside Andrew Collins, whose practice centres on transactions carried out by funds, in addition to IPOs and other share offerings.
Responsables de la pratique:
Victoria Younghusband; Andrew Collins
Autres avocats clés:
Emily Dobson
Les références
‘My experience of the team is that not only are they genuinely great at listed funds but they have a genuinely collaborative relationship with other teams across the firm, meaning they are able to bring the right expertise to the table at any given moment in a fund’s lifespan.’
‘Victoria Younghusband is simply outstanding; the breadth of her knowledge and instant command of the key issues is genuinely impressive.’
‘Very friendly, pragmatic, private wealth and client-focused.’
Principaux clients
The Biotech Growth Trust
Shore Capital
VinaCapital Investment Management Limited
India Capital Growth Fund
Circle Property plc
Duke Royalty
Chelverton Growth Trust
Principaux dossiers
- Advised the India Capital Growth Fund Limited on its 2023 redemption facility.
- Advised the Biotech Growth Trust plc on its proposed amendment to its investment policy.
- Advised VinaCapital Investment Management Limited as investment manager of main market listed and Guernsey domiciled VinaCapital Vietnam Opportunity Fund on an amended and restated investment management agreement.
CMS
CMS advises listed clients on a range of transactional and regulatory matters, ranging from structuring, investment strategy and merger advice to support in relation to tender offers. Practice head Alasdair Steele, handles both IPOs and secondary issuances and is also sought after for advice on regulations governing listings, disclosure requirements and prospectuses; Steele stepped into the leadership following the departure of Cathy Pitt. Kristy Duane specialises in acting for funds active in the infrastructure and renewables spaces on matters including s. 110 restructurings and reporting requirements under SFDR and SDR.
Responsables de la pratique:
Alasdair Steele
Autres avocats clés:
Kristy Duane; Jennifer Gray; Harry Cross
Principaux dossiers
- Advised LondonMetric Property Plc on its recommended all-share offer for UK REIT Lxi REIT plc for £1.9bn.
- Advised Aquila European Renewables on its “first of a kind” dual listing on Euronext Growth Dublin by way of a direct admission and its proposed s. 110 transaction with a number of listed investment companies.
- Advised the board of Aquila Energy Efficient Trust on its recent strategic review, change of investment policy, proposed sale of all of the company’s assets and other proposals that address AEET’s size, liquidity and recent tender offer returning capital to shareholders.
Eversheds Sutherland (International) LLP
Eversheds Sutherland (International) LLP is a strong choice for listed clients requiring regulatory advice, and strengthened its position on this front with the March 2024 hire of Slaughter and May‘s Tim Fosh, a specialist in UK and EU regulations. Practice head Sarah Burnside combines a transactional practice that encompasses launches, s.110 restructurings and fund management arrangements with a focus on ESG.
Responsables de la pratique:
Sarah Burnside
Autres avocats clés:
Tim Fosh; Liz Kwok
Les références
‘Eversheds has a good mix of skilled lawyers covering all areas we require. They seem to brief themselves well internally and are therefore proactive in relation to our requirements.’
‘The ES team has excellent skill, depth and expertise in servicing listed funds. They have had excellent retention of key partners and associates remaining at the firm, with excellent retention of client history and legal matters.’
Principaux clients
Gresham House Energy Storage Fund PLC
VH Global Sustainable Energy Opportunities plc
Principaux dossiers
- Advised VH Global Sustainable Energy Opportunities plc on the termination of its engagement with G10 Capital Limited and the appointment of Victory Hill Capital Partners LLP as its new AIFM.
Reed Smith LLP
Reed Smith LLP tackles a broad set of listed fund issues, including fundraising and mergers, and is also tasked with amending contracts between funds and their managers. Practice head Michael Young handles both IPOs and subsequent raises. The 'knowlegable, calm and pragmatic' Delphine Currie acts for Main Market and AIM-listed funds with regard to secondary raises, and is also able to advise on IPOs, with particular expertise in real estate-focused funds.
Responsables de la pratique:
Michael Young
Autres avocats clés:
Delphine Currie; Kat McGriskin
Les références
‘Delphine Currie is knowlegable, calm and pragmatic.’