Hedge funds in London
Schulte Roth & Zabel International LLP
Schulte Roth & Zabel International LLP stands out in the London hedge funds arena, as demonstrated by the fact it acts for more than half of the 100 largest hedge fund managers in the world. The London team, which is co-led by Christopher Hilditch and Josh Dambacher, added 45 clients to its sizeable portfolio in 2018; Greenvale Capital LLP, Indar Capital LLP and JNE Partners LLP were among the client wins. Noted for its ability to advise on UK and US law, the group assists clients with fund formation, ongoing management and regulatory issues, spin-outs as well as related tax matters. Dambacher led the advice to Boldhaven Management LLP on the launch of long/short equities focused Cayman and Delaware master/feeder funds, which totalled $800 million in assets under management (AUM) after six months of trading. In another matter, Dambacher and Lee Smith are acting for Cevian Capital on the negotiation of multiple investments from institutional investors, including US pension funds and sovereign wealth funds. Emily Brown joined in 2018 from Macfarlanes LLP, while Anthony Lombardi and Smith were more recently promoted as special counsels.
Christopher Hilditch; Josh Dambacher
Other key lawyers:
Boldhaven Management LLP
Cantab Capital Partners LLP
Florin Court Capital LLP
Greenvale Capital LLP
Indar Capital LLP
JNE Partners LLP
KLI Asset Management LLP
Marshall Wace LLP
Securis Investment Partners LLP
- Advised Cantab Capital Partners LLP on the launch of two Cayman funds – one, a global equities fund and the other, a daily dealing alternative risk premia fund.
- Advised Florin Court Capital LLP on its first substantive external investment – an investment by New York pension fund investors.
- Advised Greenvale Capital LLP on the restructuring of an existing hedge fund complex to rationalise performance compensation mechanism to optimise for US and non-US investors.
- Advised Indar Capital LLP on the launch of the management entity and a catalyst-driven situations fund.
- Advised JNE Partners LLP on a spin-out from MSD Partners and on the relaunch of a fund and the formation of a new management business, with a fund value of US $1 billion.
Simmons & Simmons' market-leading reputation sees it act for more than three quarters of the largest UK and European hedge fund managers, over half of the largest US managers and over a third of the largest Asian hedge fund managers. At the other end of the spectrum, the firm also has a standout capability acting for start-up managers. Practice head Richard Perry, who has been a partner since 1999, is at the forefront of regulatory issues impacting the hedge funds industry and was a key player in the launch of the firm's Irish funds practice in 2018. Iain Cullen led a team advising Brevan Howard on the launch of the Brevan Howard Alpha Strategies Fund; this has a two-legged Cayman master feeder structure with feeders domiciled in the Cayman Islands and Delaware managed by Brevan Howard Capital Management LP in Jersey ,with the portfolio management being carried out from Geneva and London. Other mandates from clients have also involved issues connected with Brexit, the Senior Managers & Certification Regime (SMCR) and European Market Infrastructure Regulation (EMIR) Initial Margin. Dale Gabbert has more than 20 years of hedge funds experience. Devarshi Saksena, Lucian Firth and managing associate Sarah Crabb are also names to note.
GSA Capital Partners LLP
Capula Investment Management
Odey Asset Management
Jabre Capital Partners
- Acted as lead counsel to Adelphi Capital LLP on a complex fund restructuring..
- Acted as lead counsel on the launch of high-profile hedge fund start up, Blacksheep Fund Management Limited, which was launched by independent investment manager, Alex Fortune (ex-Ennismore Fund Management).
- Acted for John Street Capital LLP on the launch of John Street Frontier Fund Limited, which was established to give access to a strategy trading emerging market futures, with a particular focus on Chinese commodities.
- Acted for Schroders on the launch of deleveraged fund Schroders Opportunistic Secured Income Fund on its Bermudan hedge fund platform.
Akin Gump LLP provides the full scope of hedge funds advice to clients ranging in size from start-ups and small/mid-sized managers to global institutions. Its 13-strong London team comprises of UK and US-qualified practitioners, and is part of a larger international group servicing alternative investment management clients worldwide. Tim Pearce and Ian Meade are the main partners in the London group, which is frequently sought-out for some of the largest hedge fund launches in the market. In addition, it assists clients with regulatory compliance and other ongoing fund management issues. It also handles matters specific to alternative asset managers themselves, such as business structuring and M&A. The firm's strong tax capabilities are another value-add, with seven tax lawyers primarily advising funds clients. A separate restructuring team also provides support. Hamish Annandale made counsel.
Ian Meade; Tim Pearce
Other key lawyers:
Dechert LLP has had a specialist funds practice in London since 1997, and has become the first choice of many global and boutique hedge fund managers. In addition to advising clients on a standalone basis, the team works on a cross- office basis to deliver seamless advice on complex, cross-border fund structurings and launches of new products, as well as fund restructurings, regulatory and tax issues. Its highly regarded team includes Abigail Bell and associate Craig Borthwick, who were among the advisers to Soloda Investment Advisors on the establishment of a Cayman Islands domiciled macro hedge fund, which launched with over $100 million. This was one of the most significant fund launches seen in the London market in 2018. Also notable is that members of the team are sought out to anticipate the impact of Brexit on various aspects of fund management, including fund structuring, fundraising and distribution. Mikhaelle Schiappacasse, who made partner in 2017, is dual-qualified in New York and in England and Wales. Global co-chair Gus Black oversees the team, which saw Marianna Tothova join from Ashurst. Tothova's practice is split between London and Luxembourg. Stuart Martin now practises as a consultant.
‘Abigail Bell is super experienced. She takes a pragmatic view and only pushes back on the points that she believes we can win – there is no point spending time and incurring fees on lost causes.‘
‘Good responsiveness and good product knowledge‘
‘Mikhaelle Schiappacasse is exceptional on all fronts.’
‘Craig Borthwick has a natural inclination to want to do the best job for the client‘
‘Abigail Bell, Craig Borthwick and the rest of the team are always thinking outside the box.’
‘The Dechert team cuts through complex legal issues to provide advice which is concise and business-friendly. The breadth of experience within the team and the global reach of the firm makes it an obvious choice for firms who are creating innovative products on a multi-jurisdictional basis.’
Soloda Investment Advisors
S.W. Mitchell Capital
- Advised a London-based investment manager on its restructuring, following the departure of a portfolio management team.
- Advises an investment manager on the launch of fund products, and also legal and regulatory requirements applicable to the UK and offshore investment management business.
- Advised a client on the establishment of a new activist hedge fund focused on UK and European investment opportunities.
- Advised a longstanding hedge fund manager client extensively on regulatory issues, including MiFID II, PRIIPs and the impact of the SRD II.
Arnold & Porter leverages its transatlantic presence to provide a full range of services to clients, such as US and EU-based investment managers, institutional investors, fund distributors and service providers. Simon Firth, who is the main contact in London, works alongside New York-based practitioners to assist clients with fund formation and tax structuring, management group structuring, ownership and compensation arrangements, prime brokerage documentation and compliance policies/procedures, among other matters. On the regulatory front, issues connected with AIFMD, MiFID and the European Market Infrastructure Regulation (EMIR) are notable drivers of activity. In addition, Firth advises asset managers and funds on Brexit-related issues. The firm also advises clients on the application of US regulatory regimes to their businesses.
IPM Informed Portfolio Management AB/IPM Cayman Funds
MacKay Shields LLC / MacKay Shields UK LLP
RoboCap LLP/RoboCap Partners Funds
MFW-Multi Family Wealth Limited
York Capital Management LLC
Orthogon Partners Investment Management LLC
- The firm advised IPM Informed Portfolio Management AB/IPM Cayman Funds on a range of documentation, regulatory and marketing matters, including: reversing ERISA fiduciary status for IPM for its Macro Fund; Chinese marketing; GDPR and its impact on the funds and service provider agreements with consequential amendments; issuing a new share class in the Macro Fund; and updating all Funds’ PPMs. The firm also advised IPM itself on Brexit and corporate matters for its UK branch.
- The firm advises MacKay Shields LLC and its UK subsidiary, MacKay Shields UK LLP, an FCA regulated alternative investment fund manager, on a range of issues as external UK counsel. The advice routinely covers compliance with UK and EU regulations, including AIFMD, MiFID and PRIIPS, for MacKay in both the UK and (where relevant) the US, and the firm advises on various matters relating to the operation of MacKay’s Irish alternative investment fund. In 2018, the firm advised MacKay Shields on the impact of Brexit on its Irish Fund and on MacKay Shields UK LLP as the alternative investment fund manager (AIFM) of the Fund.
- Acted for RoboCap LLP on the formation of an offshore (Cayman) master fund with Delaware and Cayman feeder funds (RoboCap Partners CIM LP, RoboCap Partners DE I LP and RoboCap Partners Offshore Fund Ltd) for investment by US investors to mirror the successful robotics strategy of the UCITS fund.
- The firm acts for MFW-Multi-Family Wealth Limited on regulatory, fund and contractual matters and as outsourced general counsel. In 2018, as well as providing ad hoc corporate and regulatory advice, the firm advised on the regulatory and corporate aspects of a potential business acquisition, and negotiated managed account agreements with an Irish Wealth Manager and a Luxembourg insurer.
- Advised York Capital Management LLC on EU and UK disclosures and risk factors for fund PPMs, general regulatory advice and assisted with EU regulatory disclosures and filings, such as under the Short Selling Regulation. It also advised on structuring fund interests to comply with the UK reporting fund regime.
Fried, Frank, Harris, Shriver & Jacobson LLP's hedge funds offering forms a key part of its broader asset management practice. Working closely with the US funds team, the London group advises some of the largest and most well-known market participants on a broad cross-section of mandates. David Selden advises Canada Pension Plan Investment Board on various matters, including making anchor and seed investments in hedge funds managed from the UK, the US and Asia. On the sponsor side, Selden and others act for Tudor Investment Corporation on fund formation and regulatory matters, in addition to the negotiation and documentation of managed account structures.
‘The team has an incredibly deep knowledge of hedge funds’
David Selden is a star. He is knowledgeable, practical and incredibly efficient‘
APG Asset Management
Capstone Investment Advisors
Canada Pension Plan Investment Board (“CPPIB”)
Tudor Investment Corporation
Brookfield Investment Management
- Advise PAAMCO Prisma on various hedge fund-related matters, including investments in hedge funds and co-investment vehicles, as well as on its funds of hedge funds.
Linklaters LLP has a strong capability in the hedge funds sphere, with clients valuing its ability to deliver a mix of fund structuring, regulatory and tax support. Under the leadership of global investment funds head Matthew Keogh, the firm attracts a significant flow of work from clients such as Alcentra, Brevan Howard, Squarepoint and Och-Ziff. Keogh and others advise Deutsche Bank on hedge fund products it manages, and provide ongoing support on AIFMD and business-critical Brexit-related issues. The firm also has a growing investor practice, and generates work from more than 20 pension funds and other institutional investors. Rahul Manvatkar made partner in May 2019. Senior partner Jonathan de Lance-Holmes is another key figure.
KKR Credit Advisors (US) LLC
Sam Brooks is the lead partner on hedge funds matters at Macfarlanes LLP, which generates work from many of the largest European hedge fund managers and investors. Brooks' expertise includes structuring and terms, marketing regulations and documents, investor negotiations and service agreements. Complementing Brooks' core hedge funds expertise, the firm also fields experts in tax, regulation, finance, derivatives and trading.
Reed Smith LLP
Reed Smith LLP's high quality team, which includes Panos Katsambas and Winston Penhall, has extensive expertise in handling all manner of complex issues arising at every stage of the hedge funds lifecycle. The firm's strong credentials in this space are underlined by its ability to offer support in ancillary areas, such as employment and tax, as well as its international reach.
Panos Katsambas; Winston Penhall
At Shearman & Sterling LLP, John Adams leads a group which handles a full range of matters for UK, US and other international sponsors. Adams, senior associate Nancy Hau and others acted for Attestor Capital LLP on a complete re-write of its suite of fund documentation for its flagship fund, Attestor Value Master Fund LP. The firm also advised the same client on matters including Irish sub-advisory arrangements, derivatives and various other operational issues. Although the majority of the firm's mandates are sponsor-driven, it also undertakes a significant amount of work for institutional investors and sovereign wealth funds.
Other key lawyers:
‘The team is responsive, competent and practical‘
‘John Adams provides exceptional insight through his understanding of commercial issues facing hedge funds and their managers. He is knowledgeable about new developments in the industry and he helps develop a plan for the upcoming landscape and challenges facing the market‘
Attestor Capital LLP
Abu Dhabi Global Market
TT International Family Group
Prosperity Capital Management Limited
Autoriti Monetari Brunei Darussalam
TRG Management L.P.
Maverick Capital Ltd.
Steadfast Financial LP
Skybridge Capital II, LLC
- Advised Abu Dhabi Global Market on the implementation of a passporting regime for collective investment funds. The passporting regime allows funds established in ADGM to be promoted across the UAE, including the DIFC and ADGM financial free zones.
- Advised TT International Family Group on its suite of hedge funds, including (1) The TT International Fund; (2) TT EM Unconstrained Fund; (3) TT Emerging Markets Opportunities Fund; (4) TT Emerging Markets Opportunities Fund II; (5) TT Event Driven Fund; and (6) TT Mid-Cap Europe Long/Short.
- Provided ongoing advice to Prosperity Capital Management Limited on its suite of Russia/Former Soviet Union-focused hedge funds, including (1) The Prosperity Cub Fund; (2) The Prosperity Quest Fund; (3) Prosperity Russia Domestic Fund; and (4) The Russian Prosperity Fund. The work included updates to fund documentation and discreet ad hoc advice on multiple issues including sanctions legislation.
- Advised Autoriti Monetari Brunei Darussalam on the implementation of a new Variable Capital Companies Law in Brunei Darussalam.
- Advised Steadfast Capital on various EU and UK regulatory matters impacting several of its hedge fund products.