The Legal 500

Hengeler Mueller remains the leading practice in Germany and draws on its best-friends network globally for advice on cross-border matters. The team excels at regulated and unregulated funds, particularly real estate investment funds. It can leverage the firm’s extremely strong contacts to key players in the financial services industry. It recently advised Bank of New York Mellon on its €253m acquisition of BHF Asset Servicing from BHF-Bank und Sal. Oppenheim. Edgar Wallach and Thomas Paul are highly recommended.

Clifford Chance’s broad practice covers many types of investment funds, including property funds and hedge funds. The real estate sector has been a particular area of focus recently with instructions to advise various institutional investors on investments in foreign private equity real estate funds. The group recently advised Union Investment regarding the funds documentation for UCITS IV, and also acts for clients such as Barclays Bank and Barclays Global Investors. This ‘outstanding’ team provides the ‘best business acumen in the industry’ with a focus on ‘a practical approach and the useability of results’. Sven Zeller is particularly recommended.

Freshfields Bruckhaus Deringer’s team is ‘extremely responsive’ and ‘very commercial’. It has capitalised on its strong financial services regulatory expertise in recently advising various clients on the change in legislation regarding UCITS IV. Its top-notch client roster includes UBS, Citigroup, Oppenheim Pramerica Asset Management, BlackRock, Credit Suisse Asset Management, RREEF Investment, SEB Investment, ABN AMRO and Deutsche Bank. Thomas Emde is recommended.

Linklaters LLP has seen an expansion in work relating to real estate, private equity and infrastructure funds, particularly energy-related funds, with a notable increase in advice to institutional investors. On the fund manager side, it advised Invesco on the structuring and establishment of a real estate fund targeting investments in Australasia; Paul Capital Advisors on a multi-jurisdictional secondary portfolio transaction; and Hines on structuring, documenting and capital raising for Hines Russia Poland Fund. Alexander Vogt heads the three-partner team.

Baum Financial Services Law Team has particular expertise in advising foreign investment firms and has seen an increase in contentious instructions. Clients include AXA Investment Managers (Paris), Threadneedle and KBC. Roland Baum is the key name.

GSK Stockmann + Kollegen focuses on real estate funds, and regularly advises real estate capital investment companies on matters such as the formation or winding up of open-ended real estate funds. Clients appreciate the good advice and ‘excellent co-operation’ from Robert Kramer.

Mayer Brown LLP’s small team advised Bayerische Versorgungskammer on its investment into a fund, and JAB Holdings on its investment in a Cayman Islands hedge fund. Benedikt Weiser has ‘great knowledge of supervisory law matters’.

Norton Rose LLP has been advising clients on the implementation of UCITS IV, recently advised three capital investment firms regarding new regulations regarding real estate funds, and advised clients on liability issues pertaining to investor information. Martin Krause is ‘able to combine regulatory, tax and economic aspects’ when providing advice. Staff changes saw Frank Herring, one of the team’s most recognised partners, move to Allen & Overy LLP, but Ludger Verfürth joined from DLA Piper.

P+P Pöllath + Partners has ‘outstanding industry knowledge’ and ‘a sound combination of legal and commercial understanding’. It has substantial fund structuring expertise, and some clients regard it as ‘the best address in Germany’ for this type of work. Clients include Permira, Odewald, Capiton, Afinum, and Parcom. Andreas Rodin is highly recommended.

Simmons & Simmons LLP’s Germany team is doing more work for London-based clients and for the first time advised Indian financial institutions on investment funds when it acted for ICICI Prudential Asset Management. The team also advised First State Investment Funds and Ignis International Funds on fund registration and brokerage. Jochen Kindermann is ‘able to handle any issue’ and provides ‘excellent’ service.

WTS Legal Asset Management provides fund formation and management advice, including recently advising Deka Immobilien Investment on the creation of the first Germany-based regulated loan funds, and acting for DWS, DB Advisory and DWS Investment Luxembourg regarding the launch of investment funds targeted at institutional investors. Carsten Fischer and Dieter Lübbehüsen are recommended.

White & Case LLP has expertise advising foreign UCITS in the German market and on exchange-traded funds platforms including the listing of ETFs on the Frankfurt Stock Exchange. Clients include Goldman Sachs International and HSBC Global Asset Management. Marietta Lienhard is recommended.