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Who Represents Who

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Dechert LLP is β€˜very good in terms of hedge funds, with a particular expertise in UCITS and lawyers with knowledge of US issues’. The firm handles a range of work, covering both fund launches and regulatory matters, concerning funds domiciled in various jurisdictions for industry players ranging from promising first-time managers through to existing ones with tens of billions of dollars under management. Peter Astleford andAbigail Bell handle a range of work concerning new managers, including work for new managers spinning out of leading investment companies, often operating alongside Craig Borthwick, β€˜a very good and earnest senior associate who constantly looks out for his clients’. Other key members of the team in London include Christopher Gardner, Stuart Martin and Gus Black, as well as Karen Anderberg, who contributes US regulatory expertise. Andrew Hougie left to join ETF Securities’ in-house team.

Schulte Roth & Zabel International LLP is β€˜an excellent and responsive source of all-round US and UK advice from commercially-minded lawyers’. Josh Dambacher is β€˜very knowledgeable and provides great client service’ – he advised Broad Reach Investment Management on its spin-out from Spinnaker Capital, including the transfer of existing some funds from the old manager to the new one. Christopher Hilditch, who Dambacher shares leadership of the practice with, advised Caius Capital – a new manager set up by former leading lights at Och-Ziff and Goldman Sachs – on its entry to the market, setting up a structure to invest in European distressed debt. Nick Fagge and Anna Maleva-Otto contribute tax and regulatory expertise respectively. Other clients include Millennium Capital Partners, Victory Asset Management and Credit Suisse Asset Management. Steven Whittaker has retired.

β€˜A very good practice’, Simmons & Simmons β€˜has an unrivalled commitment to providing enterprise-wide advice for the British hedge fund management sector’. Iain Cullen, who has β€˜deep expertise, and is prepared to give you an answer’, advised Brevan Howard on its launch of Brevan Howard Securitized Credit Fund as well as modifications to management fee structures for its other funds. Richard Perry advised Schroder Investment Management on the launch of a fund with a Bermudan general partner entity. Dale Gabbert advised Duet Asset Management on the creation of a $250m fund-of-one for an American university. As far as existing funds are concerned, Perry advised Henderson Global Investors on the sale of a number of funds to Lombard Odier. The firm, which has β€˜a deep bench of expert practitioners to serve time-critical projects – clients rely on their robust understanding of the sector’, also includes β€˜excellent and statesmanlike’ regulatory specialist Darren Fox.

Akin Gump Strauss Hauer & Feld β€˜provides excellent coverage’ and β€˜stands out for its commerciality, client service and knowledge of client needs’. The team, which β€˜has extremely deep and practical experience of hedge funds, providing commercially focused and sensible advice’, handles a range of hedge fund mandates such as new funds for first-time managers, as well as fund-of-funds matters and complex reviews for long-standing players. Tim Pearce – β€˜an excellent contact – he is very knowledgeable and pragmatic’ – advised Glen Point Capital on creating the Glen Point Global Macro Funds, which manage $2bn, and the launch of a separately managed account for a major investor. Ian Meade also has β€˜depth of knowledge and years of accumulated experience’ – he handles a range of matters for leading European managers. Massachusetts-qualified John Holton is also a name of note.

Macfarlanes LLP is β€˜very responsive and understanding of clients’ needs’, providing an β€˜excellent overall level of service from a strong team’. The firm has a particular strength in advising institutional investors on significant investments in hedge funds, but also handles a range of work for managers targeting both unusual asset classes as well as more traditional ones, fund restructurings and fund launches. Christopher Acton, who advises on prime brokerage and derivatives matters, and practice head Simon Thomas are β€˜professional, responsive and commercial’; Will Sykes is also a name of note. Clients include MAN Group, Citadel, Highbridge and BlueCrest, with Nektar Asset Management a 2016 client win.

Arnold & Porter Kaye Scholer LLP’s Simon Firth handles fund formation and regulatory matters for managers, in addition to advising prime brokers and investors. In 2016, his mandates included advising Absolute Funds on the merger of two Cayman funds. Other clients include 1167 Capital, start-up prime broker PrimeXtend, Lion Peak Management and High Contrast Investments, which Firth advised on creating its first fund.

Fried, Frank, Harris, Shriver & Jacobson (London) LLP’s team handles fund formation and management work for a number of leading names in the sector, with a number of mandates concerning commodities funds. David Selden advised Tudor Investment Corporation, a long-standing client, on the creation of its first event driven-fund. In the limited partner space, Selden and Kate Downey advised APG Asset Management on a number of investments. Other clients include BlackRock Investment Management and KKR Prisma.

Sidley Austin LLP β€˜always works in a commercial fashion’ and β€˜covers a large range of expertise and is able to use other resources internally’. James Oussedik, who was elected to the partnership from a counsel role in 2016, is β€˜very easy to work with, understands what clients need and can translate any issues into easily-understood solutions’ – he spearheaded a team advising Amia Capital, a new spinout manager seeking to launch a fund focused on global macro credit opportunities. Practice leader Stephen Ross advised Serone Capital Management on creating a managed account for a university endowment fund, a piece of work which also involved associate Peter Chapman, who is β€˜efficient and diligent – he is able to articulate any issues well’. Other clients include sovereign wealth funds and American fund managers. Jupiter Asset Management is a new client win.

Herbert Smith Freehills LLP β€˜exceeds expectations, making managers feel like the only client’. Tim West advised on the restructuring of BlueCrest AllBlue Fund as part of BlueCrest’s decision to return all third party capital. Key names also include Stephen Newby, who handles work concerning difficult markets. Other mandates concern leadership changes at managers, activist investment, funds focusing on frontier markets and fund-related related litigation; Chris Bushell represents Marathon Asset Management in ongoing litigation concerning the theft of the firm’s documents. Nish Dissanayake was elected to the partnership in May 2017.

Linklaters LLP’s hedge fund workload includes a range of AIMFD regulatory matters, as well as fund redomiciliations and management spin-outs. Matthew Keogh is a key contact, with Edward Smith also a name to note. Clients include Brevan Howard, Alcentra, EMSO Partners and Moore Capital.

Clients are β€˜bowled over’ by investment fund boutique MJ Hudson, giving it β€˜full marks all round’ for β€˜faultless and immaculate service’. The firm handles a range of fund formation and launches, with a particular strength in acting for smaller and new managers. Ben Watford and associate Robert Eke β€˜leaven professionalism with charm’ – the pair’s work includes advising start-up managers running unusual strategies. Watford and Matthew Wrigley also handle work such as fund restructurings. The firm also acts for investment banks. Senior associate Emmanuel Amos is also recommended.

Shearman & Sterling LLP’s commercial acumen makes it invaluable counsel’, providing β€˜practical, useful and to-the-point advice’ on matters such as transatlantic regulatory issues and significant limited partner investments, with somewhat of a following from American managers. John Adams has β€˜unrivalled industry knowledge, is extremely responsive and really understands the managers’ business and tailors his advice accordingly’ – he advised Maverick Capital on various matters concerning a Luxembourg-domiciled quantitative UCITS-structured fund, and Prosperity Capital Management on work concerning its Russia-focussed Cayman domiciled funds. Other clients include SkyBridge Capital, which Adams advised on its application for Financial Conduct Authority authorisation.

Stephenson Harwood is β€˜a highly reliable law firm’ that β€˜understands managers of start-up hedge funds’ alongside work for more established clients. James Tinworth is β€˜extremely good at adapting to the flexibility of the evolution of plans as a project unfolds’ – he and senior associate Carolyn Hall advised on the creation of a Cayman-domiciled fund focussing on shipping derivatives. Other mandates concern frontier markets and fund liquidations. Clients include JCAM Investments, Equilibrium Capital and APQ Global.

Allen & Overy LLP’s Matt Huggett advised CQS on creating a number of funds to invest in collateralised loan obligations, on both the primary and the secondary markets. Nick Williams advised Cairn Capital on creating an open-ended loan fund.

Pillsbury Winthrop Shaw Pittman LLP’s investment fund team, led by James Campbell, handles hedge fund work for British and American managers, often related to AIMFD regulation for both start-up and existing managers. Samuel Pearse is also a key contact – he handles a range of regulatory work, often relating to Brexit; senior associate Ashmi Bhagani is a new hire from Sullivan & Cromwell LLP. The team acts for clients such as CrossBorder Capital, Coleman Street Management and CalPERS.

Reed Smith LLP’s Panos Katsambas and Winston Penhall advised Signal Capital Partners on the launch of Signal Real Estate Opportunities Fund and AIFMD compliance concerning Signal Credit Opportunities fund. Other clients include Paralos Asset Management, which Katsambas and Matthew Evans advised on creating a hedge fund focussing on dry bulk shipping. Penhall also advises UBS Hedge Fund Solutions on distribution agreements and investments made by its funds-of-hedge-funds.

Watson Brady LLP provides β€˜excellent service with quick response times’; β€˜its small team is an advantage – clients get all the attention’. Mark Brady β€˜impresses with depth of industry knowledge and experience – his input speeds up projects’ – he and the β€˜diligent, consistent and methodical’ solicitor Laura Anderson advised 2CG Senhouse Holdings on its sale to Waverton Investment Management. Other clients include Trinity Investment Partners, which the pair advised on creating a UK-based fund distributors, and major pension schemes.

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