CMS remains a key player in the market for its ‘exceptional strength and depth of expertise’ in the retail funds space. The practice is sought after by a growing client roster comprised of notable names from the private equity, financial services, and authorised funds sectors, to assist with high-value and high-profile matters ranging from fund formations and terminations to SDR applications and asset transfers. Heading up the team in Edinburgh is Karagh Gilliatt, who is praised by clients for her ‘remarkable ability to distill complex regulatory frameworks into actionable guidance.’ Gilliatt regularly acts for investment managers, ACDs, and depositaries on market-leading LTAF and tokenisation projects. In London, Laura Houët sits at the helm of the department and her ‘intellect and meticulous attention to detail’ make her well equipped to advise on investment strategies, the implementation of SDR, SFDR, alongside Stewardship Code regulations and governance to aid in climate transitions. The group also benefits from the aptitude of Glasgow-based Aidan Campbell, whose practice spans establishing, reconstructing, and terminating authorised funds, as well as regulatory compliance.
Retail funds in London
CMS
Responsables de la pratique:
Karagh Gilliatt; Laura Houët
Autres avocats clés:
Aidan Campbell; Lucy Pywell
Les références
‘Karagh Gilliatt really understands our business and provides us with commercial and pragmatic advice. Karagh also has a deep understanding of the regulator’s position and provides us with useful insights.’
‘Friendly and approachable legal team.’
‘Aidan and his team provide excellent advice to help us navigate the regulated environment.’
Principaux clients
Phoenix Group
Baillie Gifford
Carne Global
Waystone
Scottish Widows Schroder Personal Wealth
Aegon Asset Management UK PLC
Scottish Equitable PLC
Nomura Asset Management UK
Westbrooke Yield Plus PLC
Abrdn Fund Managers
Scottish National Investment Bank
SSE PLC
Souter Investments
GE Capital
Canary Wharf PLC
Columbia Threadneedle Investment Business Limited
Barclays
Nesta Arts & Culture Finance
Tribe Impact Capital
Scottish Friendly Assurance Society
Zurich
Wayhome
Yealand Fund Services
Quilter Investors
Brown Advisory
Post Advisory
Principaux dossiers
- Advised Phoenix Group on its agreement with Schroders to form Future Growth Capital.
- Advised the ACD of Baillie Gifford Positive Change Fund on the implementation of FCA’s Sustainability Disclosure Requirements regime.
Eversheds Sutherland (International) LLP
Regarded by clients as a ‘leading UK funds practice,’ Eversheds Sutherland (International) LLP covers the full gamut of retail fund matters on domestic and international levels. The group is well experienced in launching LTAFs, attaining SDR labels and OFR recognition, and overseeing investment structuring, as well as advising on tax and regulatory compliance, investment strategies, and asset transfers. With a wealth of expertise and cross-border capabilities, the team has amassed an impressive and expanding client roster comprised of notable depositaries, banks, and insurance companies. Heading up the department is Michaela Walker, who stands out for her ‘strong legal and market knowledge.’ She regularly assists asset managers, securities service providers, and banks with SDR projects, corporate reporting requirements, and LTAF formations. On the FCA regulatory front, Julian Brown and Phil Spyropoulos are the go-to practitioners, while Katie Taylor and Hannah Jones concentrate on fund launches, restructurings, and terminations. Giulia Del Bianco and Sarah Kopec are among other key team members specialising in fund formations.
Responsables de la pratique:
Michaela Walker
Autres avocats clés:
Julian Brown; Phil Spyropoulos; Katie Taylor; Hannah Jones; Giulia Del Bianco; Sarah Kopec
Les références
‘Eversheds has a leading UK funds practice which advises all types of fund service provider.’
‘It is commercially orientated with expertise in all major funds-related areas.’
‘Michaela Walker has a very strong legal and market knowledge of the UK funds industry and provides commercially orientated legal advice.’
Principaux clients
Aviva
Schroders
M&G
Fidelity
Franklin Templeton
AEW
AXA IM
Columbia Threadneedle
Invesco
Janus Henderson
LGPS Central
Morgan Stanley
EdenTree
Rathbones Asset Management
Principaux dossiers
- Advised AEW on the launch of the first ever labelled fund under the SDR regime.
- Advised Aviva Investors on the launch of its third LTAF.
- Advised Brown Advisory on its OFR project.
Macfarlanes LLP
Macfarlanes LLP is home to a well-experienced retail funds practice that has a strong reputation in the London market for its robust offering. The group is adept at advising on LTAF and SDR projects, regulatory compliance, and liquidity management – among other areas – on behalf of impressive operators, asset managers, depositaries of investment funds. Spearheading the department is the ‘exceptionally knowledgeable’ Lora Froud, whose expertise spans restructurings and reorganisations, depositary and investment management agreements, alongside ESG compliance. On the structuring and operation front, Alexandra Cochrane is a key contact with an aptitude for establishing LTAFs, advising on mergers and schemes of arrangements, and rationalisations. Tiffany Cox specialises in ESG fund formations and related regulatory disclosures, while Sandeesh Shah focuses on platform and distribution agreements and compliance mandates. Other notable practitioners in the practice include ESG experts Angela Phelan and Emily Batchelor, and SDR authorities Harry Middleton and Katie Darwin.
Responsables de la pratique:
Lora Froud
Autres avocats clés:
Alexandra Cochrane; Tiffany Cox; Sandeesh Shah; Angela Phelan; Harry Middleton; Katie Darwin; Emily Batchelor
Les références
‘We receive sound and considered advice and benefit from the firm’s close relations with the regulator. We find the advice to be sensible, practical and timely.’
‘We find, particularly with project work, that the firm takes the trouble to be familiar with our business and objectives, and supports us towards achieving our goals.’
‘A deep knowledge of the regulatory area combined with a knowledge of the broader policy context in which their clients are operating, which then informs the team’s knowledge of the commercial opportunities that their clients face. Together, I find this makes the team very strong and able to provide high quality advice to their clients.’
Principaux clients
Legal & General
abrdn Fund Managers Limited
Jupiter Unit Trust Managers Limited
FIL Investment Services UK Limited
J O Hambro Capital Management Limited
Goldman Sachs Asset Management Fund Services Limited
Arcmont Asset Management Limited
Carne Global Fund Managers (UK) Limited
Willis Towers Watson
Thesis Unit Trust Management Limited
Fulcrum Asset Management LLP
Waystone Management (UK) Limited
Waystone
FundRock Partners Limited
Various Luxembourg and Irish UCITS Management Companies and law firms
Principaux dossiers
- Assisting Legal & General with various legal and regulatory matters in relation to its UK authorised fund range, including the launch of their first private markets LTAF.
- Acting as sole UK counsel for Jupiter’s UK authorised fund range, including assistance obtaining approval from the FCA for two sustainability labels in accordance with the FCA’s Sustainability Disclosure Requirements.
- Advising Fulcrum and Waystone on the launch of two LTAFs.
Simmons & Simmons
Simmons & Simmons has a comprehensive retail funds offering, enabling the team to advise on LTAFs, ESG matters, and OFR issues, as well as regulatory compliance matters. With wide-ranging expertise- alongside cross-border capabilities- the group has amassed an impressive and extensive client roster comprised of notable retail fund managers and depositaries. Penny Miller co-heads the department alongside David Williams, and they are supported by regulated funds specialist John Dooley, who concentrates on LTAFs, UK UCITS, and Luxembourg Part II UCIs. Catherine Weeks is the main contact in the team on the regulatory front, frequently advising on the licensing and marketing restrictions on the sales of funds as well as managing regulated investment funds. Tristram Lawton concentrates on SDR and ESG requirements while- at the associate level- key practitioners include merger and restructuring expert Emily Wilks and retail investment vehicle specialist Dom Buxton.
Responsables de la pratique:
Penny Miller; David Williams
Autres avocats clés:
John Dooley; Catherine Weeks; Tristram Lawton; Emily Wilks; Dom Buxton
Les références
‘There is a broad range of fund expertise within the team.’
‘Response times are invariably very prompt and the advice is clear and digestible.’
‘John Dooley has a very broad and in-depth knowledge across all areas of fund management. He always provides detailed, comprehensive advice and always strives to make himself available at short notice, which is always greatly appreciated.’
‘Emily Wilks is very proactive and always very responsive. She always displays very good, detailed knowledge of fund management in general. Like John, Emily is always a pleasure to connect with.’
‘Dom Buxton is always very proactive and thorough in his advice. He is very responsive and accommodating. Dom is another within the team who the business have come to rely on as a trusted advisor.’
Principaux clients
Adams Street Partners
Apollo Management International
Man Fund Management UK Limited
Schroders
Waystone Fund Management (UK) Limited
Legal & General Investment Management
First Sentier Investors
M&G
Hargreaves Lansdown
Santander Asset Management
Invesco
Ruffer LLP
Baring Asset Management
PGIM Inc.
Egerton Capital (UK) LLP
S64 Capital Innovation
True Potential Administration Limited
Principaux dossiers
- Advised Schroders Capital on further LTAFs that were approved by the FCA.
- Advised True Potential Administration LLP on the repositioning of certain sub-funds in their UK authorised fund range, including a scheme of arrangement between True Potential Waverton Income and True Potential Close Brothers Cautious Income.
- Acted as UK fund counsel in respect of Man Fund Management UK Limited’s range of UK UCITS and NURS schemes, including advising on updates to the range to reflect the FCA’s sustainability disclosure requirements.
Burges Salmon LLP
With a team that ‘delivers quality advice' and 'never fails to showcase their in-depth knowledge’, Burges Salmon LLP is sought after by retail investment fund managers, pension funds, and LGPS funds to advise on complex, multi-jurisdictional mandates ranging from investment structuring and fund launches, to mergers and reorganisations. Heading up the group is Tom Dunn, who has deep expertise in assisting clients with the adoption of Sustainable Impact Labels, ESG transitions, and fund terminations, as well as regulatory compliance, the establishment of new funds, and structuring. Cross-border specialist Sarah Logeswaran is an asset to the department, offering advice on fund formations, maintenance, and regulations, while Brandon Wong specialises in ESG-related funds. Carly Phillips-Jones is another key member of the team and brings a wealth of FCA regulatory knowledge.
Responsables de la pratique:
Tom Dunn
Autres avocats clés:
Sarah Logeswaran; Brandon Wong; Carly Phillips-Jones
Les références
‘The funds team delivers quality advice and never fails to showcase their in-depth knowledge on retail funds regulation.’
‘The partners and associates take the time to understand our business and demonstrate that they value fostering long-term relationships.’
‘Tom Dunn and Sarah Logeswaran are great to work with, and they provide practical legal advice efficiently and in an easy-to-understand manner.’
Principaux clients
FundRock Partners Limited
Border to Coast Pensions Partnership
Carne Global Fund Managers (UK) Limited
St. James’s Place
Saltus Partners LLP
Investment Fund Services Limited
WAY Fund Managers
Janus Henderson
Wales Pension Partnership
Rowan Dartington
The Marlborough Group
Apex FundRock Limited
Principaux dossiers
- Advising FundRock Partners on the adoption of a Sustainability Impact Label for the FP WHEB Sustainability Impact Fund.
- Advising Border to Coast Pensions Partnership on the launch of the LGPS real estate ACS with multiple sub-funds.
- Advising St James’s Place with the transition of its Sustainable & Responsible Equity Fund, including adopting the Sustainability Focus Label and appointing Shroders as the new fund manager.
Farrer & Co
Farrer & Co is well equipped to assist on an array of high-profile and high-value mandates both domestically and internationally including fund formations, SDR requirements, and OFR applications. The group, praised by clients for its ‘excellent service,’ is predominantly instructed by asset management funds, charities property funds, and fund managers. At the helm of the practice is Jessica Reed, who is noted for providing ‘consistent and reliable advice’ on the establishment of FCA-authorised funds and ESG transitions. She is supported by regulatory expert Grania Baird, who regularly advises on Consumer Duty, compliance, and governance and distribution issues. Other key members of the team include Edward Twigger and Leon Chng, alongside Ellie Fielding and Ellen Maguire.
Responsables de la pratique:
Jessica Reed
Autres avocats clés:
Edward Twigger; Leon Chng; Ellie Fielding; Ellen Maguire
Les références
‘We have had excellent service from the funds team over the last few years.’
‘We have always found the team knowledgeable and prompt with advice over changes to fund regulations or interpretation of existing documents.’
‘Jessica Reed has provided consistent and reliable advice and can always be relied upon to give appropriate guidance for our funds.’
K&L Gates LLP
K&L Gates LLP works with a range of funds, both British and American, on retail investment matters, with recent noteworthy engagements covering complex regulatory requirements. The key name to note is Andrew Massey, a ‘very proactive’ partner who is noted for his expertise in UCITS and AIFMD regimes.
Responsables de la pratique:
Andrew Massey
Les références
‘Andrew Massey runs a very professional team, they are very experienced and have a great understanding of the investment funds business.’
‘Andrew is very proactive when dealing with client requirements and is fully aware of regulatory requirements. He has a very pleasant personality and has a good relationship with his clients.’
Principaux clients
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Dimensional Fund Advisors
Federated Hermes
American Century Investment Management, Inc.
First Sentier Investors
Principaux dossiers
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Advised Federated Hermes on the Sustainability Disclosure Requirements
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Act as fund counsel for Dimensional Fund Advisors’ UK retail fund range