CMS advises an impressive roster of retail funds on matters ranging from fund launches to dealings with the FCA around the restructuring of funds and issues arising out of the new SDR and Consumer Duty regimes. Leadership of the team is split between Karagh Gilliatt, who advises managers and ACDs on the lifecycle of open-ended funds, and Laura Houët, an expert in sustainable investment strategies, including SFDR and SDR regulations. Lucy Pywell assists with the establishment of authorised funds and fund mergers. Rachel Lowe departed the firm in September 2023.

Eversheds Sutherland (International) LLP‘s ‘multi-dimensional’ team is tasked with launching open-ended funds, including LTAFs, and advising managers on new FCA regulations, including Consumer Duty and SDR in addition to the UCITS and AIFMD regimes. Michaela Walker heads the group, acting for asset managers and depositories in relation to the spectrum of regulatory frameworks and ESG disclosure requirements. ‘Expert in the field’ Julian Brown is a specialist in the regulations governing fund structures, including UCITS, NURS and OEICs, among others. Phil Spyropoulos is the key contact for sustainability regulations in the funds industry, advising on the SDR regime in addition to providing support in relation to the UK’s OFR. Katie Taylor, noted for her experience in regulatory and compliance work, is also recommended.

Macfarlanes LLP tackles issues tied to the gamut of open-ended funds structures, with particular expertise in novel LTAFs. On the regulatory front, the team advises on Consumer Duty and the Overseas Funds Regime among an array of others. Practice head Lora Froud is an LTAF expert, having assisted with the design of these structures, with her wider practice encompassing issues tied to fund restructuring and distribution. Alexandra Green advises fund managers and banks on the FCA’s Consumer Duty regulations, MiFID II issues and challenges arising out of Brexit, with Alexandra Cochrane overseeing the establishment of UCITS, NURS and other investment vehicles. Tiffany Cox, who made senior associate in September 2023, is frequently called upon by fund managers looking to launch ESG-focused funds and comply with sustainability disclosure requirements.

Under the leadership of Penny Miller and David Williams, Simmons & Simmons is equally adept at handling the structuring and launch of new funds, including the regulatory and marketing challenges that accompany this, as it is overseeing fund mergers and restructurings. Mahrie Webb oversees the formation of both authorised investment vehicles and managers, with in-depth knowledge of the UCITS regime. Catherine Weeks is sought out by asset managers looking to navigate a raft of regulatory regimes, ranging from SDR to the Overseas Funds Regime, while newly minted partner John Dooley covers issues ranging from fund structuring to distribution.

Burges Salmon LLP acts for clients requiring assistance with the structuring and launch of retail funds, including OEICs and LTAFs. The practice is also active on the regulatory front, advising on the FCA’s Consumer Duty and SDR regimes. Tom Dunn spearheads the firm’s efforts, acting for fund operators, managers and also pension funds across the lifecycle of their investment vehicles and liaising with the FCA on regulatory matters. Alex Gillespie is ‘pragmatic in his approach’ to structuring OEICs, AUTs and ACSs.

In addition to handling the setting up of new funds, Farrer & Co is well placed to assist with issues affecting Authorised Corporate Directors, advising on the FCA's Consumer Duty and regulations governing the marketing of high risk investments. Practice head Grania Baird is 'the best-in-class in the retail fund space,' overseeing the structuring of authorised funds and their distribution. Jessica Reed is well versed in the spectrum of open-ended funds, advising on amendments to existing investment vehicles and issues tied to sustainable investing.

Fieldfisher maintains a broad approach to its funds work, handling the structuring and amendment of UK and foreign-domiciled funds in both the regulated and unregulated spaces. Practice head Kirstene Baillie is ‘pragmatic and to the point,’ advising on the lifecycle of funds products but with particular expertise in the UK and EU’s regulatory regimes, including AIFMD.

K&L Gates LLP is often instructed by funds domiciled outside of the UK, advising managers on both strategies and marketing regulations under the SDR and OFR frameworks. Andrew Massey stepped into the group's leadership role following Michelle Moran's departure in June 2024, assisting fund managers in navigating the UCITS and AIFMD regimes. Philip Morgan provides further regulatory expertise, with knowledge of the spectrum of UK and EU regulations. Kai Zhang is a further name to note.