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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In the United Kingdon, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for eight years. These partners are highlighted below and throughout the editorial.
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United Kingdom > London > Investment fund formation and management > Listed funds > Law firm and leading lawyer rankings

Editorial

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Index of tables

  1. Listed funds
  2. Leading individuals
  3. Next generation lawyers

Leading individuals

  1. 1

Next generation lawyers

  1. 1

Who Represents Who

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Gowling WLG 's listed funds practice covers a range of work, including handling heavyweight fund IPOs, primarily for fund sponsors but also for service providers. Nick Heather, who heads the practice, advised Aberdeen Standard Investments on the launch of Aberdeen Standard European Logistics Income plc, which had a fundraising target of £250m. Heather also advised on the launch of Tufton Oceanic Assets Limited, a $91m Guernsey-domiciled fund investing in a portfolio of second-hand ships. In another highlight, Oliver Riley advised GCP Student Living on its launch and a subsequent placing programme. On the broker side, Riley advised Peel Hunt as sponsor and placing agent for the IPO of Jupiter Emerging & Frontier Income Trust, which raised £90m, and Reed advised Winterfloord Securities as sole bookrunner of the Impact Healthcare REIT, which commenced with a seed portfolio of 58 care homes on twenty-year leases. John Reed also advised Industrial Multi-Property Trust on its takeover by Hansteen Holdings - a transaction regulated by the Takeover Code. Kristian Rogers  on the IPO of AEW UK Long Lease REIT. Kate Seabourne is a key senior associate.

Herbert Smith Freehills LLP handles a range of listed fund formation work, often involving less traditional asset classes. Nigel Farr advised BioPharma Credit on its fully-subscribed IPO, which included rolling elements of a private fund into it. Tim West assisted NB Private Equity Partners with moving its shares from the specialist fund segment to the premium segment of the London Stock Exchange, and advised Gabelli Merger Plus+Trust, which operates a hedge fund-style merger arbitrage structure, on its IPO. In another cross-border highlight, West advised BlackRock Greater European Investment Trust on a proposed secondary listing in Johannesburg. Nish Dissanayake advised Sherborne Investors on its IPO, which raised £700m for a strategy of purchasing a public company. Other clients include Polar Capital Global Healthcare Trust, which Farr advised on a tender offer, and Marble Point Loan Financing Limited, a fund investing in collateralised loan obligations, which West assisted with its IPO on the specialist fund segment. In the sponsor space, Stifel Nicolaus is another client.

Stephenson Harwood acts for both investment banks and funds, covering a mixture of asset classes and types of work. William Saunders  and senior associate Kate Longman advised LXI REIT on its IPO, which raised £138m; they also advised AIM-listed APQ Global on a convertible unsecured loan stock issuance on the London Stock Exchange's International Securities Market. Alex Haynes advised GCP Infrastructure Investments on a £170m placing programme, while Elizabeth Field advised on the launch of Jupiter Emerging & Frontier Income Trust plc, the manager's first new investment trust for ten years, and advised the same sponsor on the winding up of the Jupiter Dividend & Growth Trust. Investment bank clients include Cenkos Securities, which Haynes advised as sponsor of a share placing by Civitas Social Housing, and Nplus1 Singer Advisory and Stifel Nicolaus, which Haynes jointly advised as co-placing agents (Nplus1 Singer Advisory also acting as financial adviser in addition), on  the launch of a listed REIT investing in private rented sector housing. In the CLO space, the firm advised Fair Oaks Income on a restructuring of the fund, the feeder fund in a master-feeder structure. Other clients include Strand Hanson, Winterflood Securities, Stockdale Securities and Gravis Capital Management, a new manager which Haynes advised on its debut fund.

At CMS Cathy Pitt and ECM specialist Alasdair Steele advised Cannacord Genuity (a new client win) and Akur as joint financial advisors to the IPO of Triple Point Social Housing plc, while Pitt also advised JP Morgan Cazenove on Aberforth Split Level Income Trust's IPO. Wendy Colquhoun, who divides her time between London and Edinburgh,  advised Dunedin Enterprise Trust on the creation of a B share scheme as part of assisting its return of capital investors as part of the fund's managed wind-down. Simon Morgan advised Fidante Capital as investment bank on AEW Long Lease REIT's £80.5m premium segment IPO. Iain Newman assisted Stifel Europe as financial adviser, broker and placing agent of Supermarket Income REIT's £120m IPO.  Away from IPOs, Kirsty Duane advised John Laing Infrastructure fund on an accelerated book build to repay debts. Other sponsor clients include Jefferies International, Winterflood Investment Trusts and Numis Securities, which Pitt advised as bookrunner of a share issuance by Funding Circle SME Income.

Hogan Lovells International LLP strengthened its investment fund team in 2017-18 with the recruitment of Jonathan Baird from Freshfields Bruckhaus Deringer LLP in summer 2017 and the promotion to partner of Jeremy Pickles at the start of 2018. Pickles advised CATCo Reinsurance Opportunities Fund, which owns insurance-linked securities concerning catastrophe reinsurance, on a $543m  capital raising.  Practice head Erik Jamieson  advised HICL Infrastructure Company Limited, a FTSE 250-member infrastructure fund, on a fundraising which raised £260m, beating its £205m target. Investment bank highlights included advising Canaccord Genuity as sponsor of the IPO of Aberdeen Standard Europe Logistics Income. Work concerning new funds include Pickles' advice to Sherborne Investors on forming activist fund Sherborne Investors Guernsey C, which raised £700m. Other clients include International Public Partnerships Limited, John Laing Environmental Assets and Urban Exposure, which Baird advised on its £165m flotation on AIM.

Norton Rose Fulbright's listed fund practice handles a range of mandates, but is particularly noted for its advice to investment banks and for handling housing-related funds. On the broker side, Ian Fox advised JPMorgan Cazenove and Goldman Sachs as bookrunners on the IPO of BioPharma Credit, and acted for HSBC and Numis Securities as joint bookrunners on the Sherbourne Investors (Guernsey) C IPO. Richard Sheen acted for investment bank Stockdale Securities, and Fox acted for the company, on the UIL's offer to roll over an existing class of zero-dividend preference shares to a new class. In the real estate funds arena, Michael Newell advised Residential Secure Income, which invests in social housing, on its £200m IPO. Other clients include Canaccord Genuity, The Renewable Infrastructure Group, and Starwood European Real Estate Fund. Margaret Simcock

Travers Smith LLP is 'responsive and commercial, with good technical and market knowledge - it has a very well-connected cross service line approach including fund formation, regulatory and tax'. Aaron Stocks  and senior associate Leigh Stockey advised Impact Healthcare REIT on its IPO and a subsequent tap issue. Stocks' bookrunner-side work includes advice to RBC Capital Markets on Greencoat Renewables' admission to AIM; the manager was the first renewables infrastructure company to list on the Irish Stock Exchange and the first Euro-denominated one in its asset class to list in London. He also advised Deloitte as financial adviser and joint placing agents Peel Hunt and Zeus Capital on the IPO of Tri-Pillar Infrastructure Fund Limited. Will Normand advised Liberum Capital as placing agent and bookrunner of a secondary placing carried out by Honeycomb Investment Trust, and Aggregated Micro Power Infrastructure 2 on an issuance of secured loan notes on the Cayman Islands Stock Exchange. Jon Reddington advised Draper Esprit on plans for a proposed placing of shares. Other clients include Liberum Capital, which Normand advised on its role as placing agents for EJF Investments' admission to the Specialist Funds Segment.

Charles Russell Speechlys LLP handles various advice for brokers and funds, including ones listed on AIM as opposed to the specialist funds segment. Victoria Younghusband advised India Capital Growth Fund on its upgrade from AIM to the main market, without additional fundraising. Andrew Collins advised Chelverton Small Companies Dividend Trust on an issuance of zero-dividend preference shares. As far as advising service providers is concerned, Younghusband advised Grant Thornton as NOMAD and Cantor Fitzgerald and Mirabaud Securities as joint bookrunners and brokers of a placing of shares by Duke Royalty simultaneous to its return to AIM following the suspension of its shares. Other clients include The People's Investment Trust, which the firm advised on its proposed IPO.

At Simmons & Simmons, David Williams, Patrick Graves  and Chris Horton all have a track record of work for listed fund sponsors and investment banks on both fund IPOs and work for existing funds.

Reed Smith LLP's  Delphine Currie leads work for both funds and investment banks. She advised a sponsor, financial adviser and bookrunner on a £180m IPO of a newly-established social housing REIT. Fund-side highlights include advising a REIT on a £150m AIM IPO.

Shakespeare Martineau LLP services a range of work, primarily concerning listed venture capital trusts from its office in Birmingham. Kavita Patel advised Foresight 3 VCT and Foresight 4 VCT on the merger of the two funds  and a subsequent fundraising by the merged fund. Patel also advises Mobeus Equity Partners on capital-raising exercises for its listed VCTs. The firm also acts for Unicorn AIM VCT, which it advised on a £45m capital-raising exercise. Keith Spedding is also a key contact.

At Slaughter and May,  Robin Ogle and Paul Mudie  advised SVG Capital on tender offers as part of the termination of the fund. Paul Dickson  advised Honeycomb Investment Trust on a share placing which raised £105m.

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