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Eversheds Sutherland (International) LLP handles a range of work regarding retail funds, including an amount of work regarding Property Authorised Investment Funds (PAIFs). Pamela Thompson is ‘very impressive – she is possibly the best partner in her field in the City’ – she and senior associate Phil Spyropoulos advised Henderson Global Investors on converting a property fund into a PAIF, and Fidelity on a similar process. Other sources of PAIF expertise include Michaela Walker, who acted for Citibank and HSBC – she also advised Sarasin & Partners on creating a Charity Authorised Investment Fund, a form of fund restricted to charities and itself entitled to charity status. In addition, Thompson acted for a number of blue-chip clients on Undertakings for Collective Investment in Transferrable Securities (UCITS) regulation and passporting matters. Other work relates to the Packaged Retail and Insurance-based Investments Product Regulation (PRIIPs), a space in which the team represented Citibank.

Macfarlanes LLP’s team is ‘highly commercial, prompt in its responses and understands why clients are asking for its advice’; ‘clients view the firm as an extension of their own internal teams’. Lora Froud is ‘very commercial and solution-driven’ – she advised HSBC Wealth Management, a new client win, on changes to four Marks & Spencer-branded unit trusts, including bringing some of the management in-house and modifying the investment policy. Tim Cornick has ‘decades of experience in regulated funds and understands the technical and operational as well as the legal and regulatory’ – he acted for Old Mutual Global Investors on changes to its funds, including a number of restructurings and mergers. Other clients include robo-advisor Moola, which offers retail investors access to BlackRock’s iShares exchange-traded funds (ETFs), and Castlefield Investment Partners, which Froud represented on its application for status as a Financial Conduct Authority (FCA) authorised corporate director.

CMS’s ‘very responsive’ team represents blue-chip names in the sector. Karagh Gilliatt is ‘extremely knowledgeable in terms of UK fund industry knowledge’ – she acted for Lloyds Banking Group on a number of fund mergers and a transfer of ISA books, as well as the termination of administration services provided by BNY Mellon. Aidan Campbellthinks about clients; business requirements and gives sound, commercial advice’ – he advised UCITS managers such as Virgin Money on UCITS V. In the fund formation space, Gilliatt acted for T. Bailey on the creation of a new open-ended investment company (OEIC) for Guinness Asset Management.

Fieldfisher’s Kirstene Baillie advised MAN Fund Management UK on changes required for UCITS V compliance, as well as a change of investment objectives for the American Growth Fund. She also acted for Fidelity Worldwide Investments on UCITS fund distribution, plus regulatory matters concerning feeder funds. Edward Miller from the firm’s derivatives team, represented Baillie Gifford on derivatives matters concerning its OEIC range. Other clients include Talomon Value.

Simmons & Simmons handles a range of retail fund formation matters for key names in the sector. Neil Simmonds acted for M&G Investments on creating a number of Luxembourg-based UCITS funds post-referendum, and represented Och-Ziff on its role in creating its first UCITS Fund, Lyxor/OZ US Equity Opportunities Fund, on Lyxor’s platform in Luxembourg. Mahrie Webb handles work concerning robo-advisors as well as fund formation.

Bristolian heavyweight Burges Salmon LLP’s Tom Dunn acted for CRUX Asset Management on distribution of its funds and a planned fund merger and, in the unit trusts space, advised St. James’s Place on the launch of SJP Worldwide Income Unit Trust. The firm also represented HSBC Securities Services. Chris Godfrey advised retail manager Premier Asset Management on its £140m IPO. Jeremy Bell joined in January 2017 from Ashurst.

Dechert LLP has a particular strength with transatlantic work. Richard Heffner advised T. Rowe Price on creating an OEIC, and London-based US regulatory specialist Karen Anderberg is ‘very experienced on US private funds, SEC, ERISA and associated regulation’. Richard Frase and associate Gemma Long handle a range of work concerning exchange-traded funds. The pair represented ETF Securities on range of such products, including advising ETFS Hedge Metal Securities, which issues securities backed by gold, on revising its prospectus.

At K&L Gates LLP, Andrew Massey handles a range of UCITS transactional and structuring work. Highlights included advising Federated Investors on modifying its remuneration policy and depository agreements to comply with UCITS V, as well as changes to client account regulations. Other clients include Coppin Collings, Barika Capital, which Massey acted for on creating an alternative UCITS fund, and PanAgora, which he advised on PRIIPs key investor information documents (KIIDs).

Norton Rose Fulbright handles a range of work concerning Irish-domiciled mutual funds Michael Newell and senior associate Margaret Simcock advised on the launch of H2O Global Strategies ICAV, a Dublin-based mutual fund. Other clients include Tokio Marine and Charles Stanley.

Farrer & Co’s Grania Baird handles matters such as regulatory disputes, money market fund matters, UCITS conversions and socially responsible fund work. Clients include CCLA Investment Management, which Baird advised on a non-UCITS retail scheme (NURS) aimed at local government investors. Andrew Peterkin was elected to the partnership in 2016.

Linklaters LLP’s Rahul Manvatkar advises well-known banks on a number of retail fund issues, Manvatkhar and Edward Smith acted for Commerzbank on UCITS issuers concerning a number of exchange-traded funds.

Handling a range of UCITS restructuring and formation work, Maclay Murray & Spens LLP is ‘responsive and proactive with a sound knowledge of the industry’. Nick Rutter is ‘very knowledgeable, commercially-minded, thorough and imaginative’ – he advised Maitland Institutional Services on creating a UK-domiciled UCITS fund and MI Momentum Investment Funds on the conversion of the fund from a UCITS to a NURS. Other clients include Valu-Trac Investment Management.

Ropes & Gray International LLP’s Michelle Moran handles a range of work concerning UCITS, frequently at the crossover between European and American ’40 Act fund regulation. Clients include Providence Equity, Benefit Street, and Independent Franchise Partners.

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