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Overview

Our specialist and highly regarded funds and asset management lawyers help clients take advantage of opportunities and manage risk. We provide commercially-focused advice on the establishment and management of a full range of regulated and unregulated investment funds and associated structures, including segregated accounts.

A number of our lawyers have spent time working in-house for financial institutions such as BNP Paribas, Capita Asset Services, Goldman Sachs, and The Royal Bank of Scotland. We also deal with the FCA on a daily basis and have good working relationships with the Investment Association (of which we are an affiliate member). This allows us to respond practically and effectively to regulatory change and to the needs of our clients operating in the sector.

We have also established an international funds network with preferred law firms in other key funds jurisdictions (including France, Germany, Ireland, Luxembourg and the Channel Islands) which allows us to provide a seamless service to clients with an international business model. 

Areas of focus

Our expertise in funds and asset management includes advising on the following:

  • The formation and regulation of retail fund structures regulated by the FCA such as UCITS and NURS (whether structured as OEICs, AUTs or ACSs).
  • The establishment and management of other investment fund and associated structures, including life and pension funds, investment trusts and other closed ended vehicles, property and co-investment arrangements and alternative investment structures.
  • The provision of segregated portfolio services to institutional and retail investors including the development of new and innovative model portfolio structures.
  • Producing and, where applicable, negotiating standard or specialist client documentation including advisory, investment management and custody agreements.
  • The design, development and establishment of new investment services and products, including tax "wrappers" such as ISAs, SIPPs and SSASs, bonds and EIS funds.
  • All aspects of compliance with applicable regulatory requirements including relevant European legislation, the Financial Services and Markets Act 2000 and related legislation and the FCA and PRA Handbooks.
  • The distribution of funds and other investment products including drafting and negotiating distribution agreements, intermediary terms of business, appointed representative agreements and platform arrangements. We also advise on regulatory requirements including around product governance in the context of distribution (e.g. oversight of intermediaries), suitability, remuneration and inducements.
  • Advising on the use of partnerships, especially English and Scottish limited partnerships, as investment vehicles, including carry structures, operator and management agreements.
  • Our tax lawyers provide specialist legal advice on the tax-efficient structuring of UK and international funds and fund management businesses.
Experience

Advising fund manager clients on the formation and regulation of retail find structures regulated by the FCA, including UCITS and NURS.

Advising Smartfund Administration on a complex restructure of its range of OEIC funds including an FCA application for a cross-border UCITS merger to transfer a number of UK sub-funds to an Irish fund structure.

Advising fund manager clients on all aspects of the implementation of UCITS V including depositary agreements and amendments to fund constitutional documentation.

Advising a large UK pension scheme on a proposal to restructure the management of the scheme's assets using an authorised contractual scheme.

Advising Resonance Impact Investment on the launch of one of the UK's first social investment tax relief (SITR) funds.

Advising a life assurance company on the distribution of its annuity and lifetime mortgages products.

Advising Octopus Investments on the launch of its discretionary managed inheritance tax service on the Novia platform – the first business property relief based solution to be offered on platform.

Review of terms and conditions for major financial services firm in relation to stakeholder pension, savings, insurance, credit, ISA and investment products.

Advising fund operator on termination of investment manager mandate including urgent advice on threatened injunction.

Advising the unit holders in a Guernsey-registered, sharia funded unit trust investing in student accommodation on the sale of the fund for £271 million.

Advising on the establishment of the UK's first property authorised investment fund including advising on the requirements of the regime and applying for clearance from HMRC in respect of the 'genuine diversity of ownership' condition.

Meet the team
Tom Dunn

Tom Dunn Partner

  • Head of Funds and Financial Regulation
  • Regulated Funds
  • Financial Services
Chris Godfrey

Chris Godfrey Partner

  • Corporate
  • Funds and Asset Management
  • Financial Services
John Barnett

John Barnett Partner

  • Head of Private Client Services
  • Head of Partnerships
  • Tax

What others say...

I have a tremendous amount of respect for them. The business that they've built is pretty magnificent.

Chambers UK 2016

Key contact

Tom Dunn

Tom Dunn Partner

  • Head of Funds and Financial Regulation
  • Regulated Funds
  • Financial Services

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