The Legal 500 > United Kingdom - Solicitors > London > Hedge funds

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.

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.

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.

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.

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.

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.

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.

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.