Hedge funds in London

Schulte Roth & Zabel International LLP

Schulte Roth & Zabel International LLP remains highly active undertaking fund formation and management work for major fund managers (including institutional asset managers), as well handling spin-outs at all stages from inception to close. The team in London stands out for its expertise in US issues, and it also handles the full range of UK regulatory considerations, such as AIFMD and MiFID II. The co-heads of the practice are Josh Dambacher and Christopher Hilditch, who are both highly experienced in acting for entrepreneurial and institutional investment managers and other financial services clients across a variety of asset classes. Anna Maleva-Otto has a strong multijurisdictional regulatory practice, while recently-promoted partner Lee Smith is noted for his work on fund structuring. Special counsel Amy MacDonagh handles fund formation, structuring and general corporate and UK regulatory advice to managers.

Practice head(s):

Josh Dambacher; Christopher Hilditch

Other key lawyers:

Anna Maleva-Otto; Lee Smith; Amy MacDonagh

Testimonials

The team is absolutely and uniquely first in class – the SRZ team exclusively specialises in investment funds (hedge funds, credit funds and private equity funds) – tax, compliance and investment management lawyers all excel in that niche. They have specialised knowledge and experience.

Josh Dambacher is an absolute star, a gem, the go-to person for anyone wanting to launch a hedge fund or a credit fund.  He is as fluent in tax and compliance law as he is in UK and US law – this is absolutely unique in the market. Josh is known by the entire market and highly rated.

Anna Maleva-Otto is a straight thinker, and her positions on regulatory developments are often market leaders – she is not afraid of taking a slightly different approach than some other regulatory lawyers in the market. She is definitely an extraordinary asset to the team, and one of the few female specialists in this area.

Excellent team that is the appointed counsel for our hedge fund board. We also use Schulte for all of our SEC regulatory work. They are strong on all US fund issues whether it is SEC issues, Erisa, sanctions, etc.

We work with Josh Dambacher and Anna Maleva-Otto. Excellent, very responsive and pragmatic lawyers.

Key clients

Alfreton Capital LLP

Gatemore Capital Management LLP

GCW Global Customised Wealth LLP

Hadron Capital LLP/Hadron Capital (Cayman) Ltd

Helikon Investments Limited

Kuvari Partners LLP

Marcho Partners LLP

Marshall Wace LLP

Noster Capital Management

Qube Research & Technologies Limited

Work highlights

  • Advised Hadron Capital LLP/Hadron Capital (Cayman) Ltd on the launch of a new successor healthcare fund.
  • Advised Marshall Wace LLP on the merger of its Irish-domiciled UCITS funds into a new Marshall Wace-dedicated Lumyna Luxembourg SICAV.
  • Advised Qube Research & Technologies on restructuring an Irish umbrella master-feeder structure to a Cayman segregated portfolio company.

Simmons & Simmons

Simmons & Simmons advises a large portion of key UK and EU managers, as well as a number of US and Asia-domiciled funds, having expanded its share of work on Chinese investment strategies in particular. The team handles fund launches and operations in key domiciles such as the Cayman Islands and Ireland, and it also offers strong regulatory capabilities. Iain Cullen and Richard Perry, who are among key senior names in the team, remain highly active in their advice to longstanding fund manager clients, including leading UK names. Devarshi Saksena now leads the team, and is active in European and Asia-focused fund launches, working on landmark formations for established and start-up clients. Lucian Firth is a leading figure in the ESG and impact investments space and has also advised on high-profile transactions and restructurings. Sarah Crabb is noted for her cryptocurrency and wider fintech expertise.

Practice head(s):

Ian Cullen

Other key lawyers:

Richard Perry; Devarshi Saksena; Lucian Firth; Sarah Crabb; Eddie Gibbons

Testimonials

Unparalleled depth of experience in hedge funds.

Dev Saksena – extremely approachable, available and at the top of his game. Iain Cullen – tremendous industry experience.

The team was always available 24/7. Very knowledgeable and eager to go through any doubts or questions in depth.

Lucian Firth and Eddie Gibbons helped out immensely. Great team and extremely quick and efficient.

Key clients

Brevan Howard Asset Management

Man Group

Arctis

LMR Partners

GSA Capital Partners LLP

Janus Henderson

East Alpha

Theleme Partners

Capula Investment Management

Mirazur Capital

Lansdowne Partners

Adelphi Capital

Russell Clark Investment Management

Zebedee Capital Partners LLP

Fosse Capital Partners

John Street Capital

Arisaig Partners (Asia)

Svelland Capital

Work highlights

  • Advised on the launch of Man GLG Global Credit Opportunities, a credit focused standalone Cayman corporate fund.
  • Advised Janus Henderson on the change of the alternative investment fund manager (AIFM) of its Jersey and Luxembourg domiciled funds from its UK regulated entity, AlphaGen Capital Limited, to its Luxembourg based entity, Henderson Management S.A.
  • Advised East Alpha on the establishment of their new FCA regulated investment manager, East X LLP.

Akin Gump LLP

Akin Gump LLP advises a combination of established hedge funds, institutional asset managers and start-ups on fund formation, liquidity issues, seed capital arrangements and regulatory considerations, with a strong focus on US-domiciled products. The team works closely with practitioners in the firm's New York and Washington DC offices, enabling it to handle cross-border mandates as well as keeping track of regulatory changes. Tim Pearce and Ian Meade both handle complex fund management mandates for major clients in the US and Europe, including complex fund restructurings and launches. Counsel Hamish Annandale is knowledgeable about a number of fund strategies, including co-investment and hybrid structures.

Practice head(s):

Tim Pearce; Ian Meade

Other key lawyers:

Hamish Annandale

Testimonials

Tim Pearce – understands the sector inside out, translates the requirements back to our structure and acts as an advocate, explaining the business to the third parties with which we engage. The direct partner involvement is more time and cost efficient.

The team is experienced, with a great depth of knowledge and resourcing across the firm and contacts to assist with global regulatory requirements.

Tim Pearce and Hamish Annandale give all our requests due consideration and frequently offer recommendations on how to tackle tasks and launch products enabling the firm to assess and pick the best option to achieve our goals.’

Dechert LLP

Dechert LLP advises boutique and institutional hedge fund managers on seed deals, fund structuring and formation, as well as an array of regulatory matters across key jurisdictions. The team has strong capabilities in EU downstream work, including reporting and documentation as well as investment strategy. The team is overseen by Gus Black, with Abigail Bell also a key figure, working with a variety of long-standing funds clients on deals and regulatory matters. Mikhaelle Schiappacasse is noted for her work on complex mandates for institutional fund managers, while Craig Borthwick advises on large-scale fund launches. Karen Stretch was promoted to partner in early 2021.

Practice head(s):

Gus Black

Other key lawyers:

Abigail Bell; Mikhaelle Schiappacasse; Craig Borthwick; Karen Stretch

Testimonials

Available, straight to the point, solution oriented.

Great knowledge, always quick and efficient responses. Assisted us from start to finish when setting up a number of different financial products.

Mikhaelle Schiappacasse is outstanding to work with. Extremely efficient and knowledgeable. Very commercial. Knows how to leverage the breadth of skills within Dechert to suit our needs as a client.

Key clients

BlueCove

Cheyne Capital Management (UK) LLP

Infusive

Kairos Group

Numen Capital LLP

Palmerston

Palm Lane Capital

Sloane Robinson LLP

Soloda Investment Advisors LLP

S.W. Mitchell Capital LLP

TT International

Work highlights

  • Advised one of the fastest growing hedge fund managers in London on the launch of a new relative value hedge fund and an innovative Cayman special purpose vehicle.
  • Advised an alternative credit asset manager on the launch of one of the largest hedge funds of 2020, including a large seed deal, and structured the business.
  • Advised a seeder on the structuring and negotiation of seed and accelerator capital investments into UK asset managers and investment managers.

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP combines an an active fund formation practice with broad regulatory expertise, advising clients on Brexit considerations and European regulatory changes, as well as specific jurisdictional advice relating to Cayman and Luxembourg-domiciled funds. Notable engagements during 2020 included renewable energy and crypto asset funds. The team advises asset managers, insurers and pension funds, and it has also increased its share of work with institutional investors, particularly banks. Practice head Ben Watford is highly active in handling fund launches for managers in key jurisdictions, and he is also heavily involved in regulatory work and thought leadership within the industry. Ronald Paterson has a strong track record in fund launches. Edinburgh-based principal associate Sarah Burnside specialises in financial services sector advice, including fund mergers and reorganisations, and regulatory issues.

Practice head(s):

Ben Watford

Other key lawyers:

Ronald Paterson; Sarah Burnside

Key clients

Westbeck Electric Metals Fund

Westbeck Energy Opportunity Fund

Westbeck Volta Fund

Westbeck Resource Income Fund

Kimura Commodity Trade Finance Fund Limited

Greenlake

Qbera Capital LLP

Owl Rock Capital Partners

Federal Farm Credit Banks Funding Corporation (“Federal”)

West 4 Capital

Fieldfisher

Fieldfisher advises fund managers across the full range of matters, including fund launches, operations, regulatory issues and derivatives trading. The firm’s regulatory expertise encompasses key jurisdictions such as the US, Ireland and Luxembourg. James Tinworth focuses on handling fund placements and regulatory matters on behalf of start-up and established asset managers. He co-heads the practice with Ron Feldman, who specialises in derivatives and structured finance. Other key team members include Emma Spiers, who advises on structured trades and regulatory issues across a variety of asset types, and Jenny Warren, who has notable expertise in prime brokerage.

Practice head(s):

James Tinworth; Ron Feldman

Other key lawyers:

Emma Spiers; Jenny Warren

Testimonials

The service feels personalised and consistent – I am not pushed from one person to the next. Yet there is a breadth of knowledge in key areas of investment management, funds, tax and employment to draw on.

James Tinworth provides a consistent, practical and knowledgeable resource, despite having some fairly niche issues and requests over the past 12 months. His advice has always been reliable and exemplary.

Ron Feldman is very engaging and great at giving market intel and steer on regulatory and legal trends. Jenny Warren is very knowledgeable.

James Tinworth – always responsive with a strong understanding of the commercial drivers within a client’s business an ability to explain clearly the legal principles which apply to these.

Key clients

Ravel Associates

Barker Partnership Fund / Camelot Partners

JCAM

Rokos Capital Management LLP

Work highlights

  • Ongoing advice in relation to the Barker Partnership fund. Work highlights this year have included (1) changing the Fund’s Contingent Performance Reserve mechanism to a more standard performance fee mechanism with a hurdle rate and assisting with the unwinding of the legacy reserve and (2) advising in relation to the fund’s acquisition of a US private company and the participation of fund investors in the same.
  • Ongoing advice in relation to the Ravel Absolute Europe fund and its manager, Ravel Associates. Work highlights this year have included (1) the launch of a new share class and (2) a full prospectus update.
  • Ongoing support with the client’s full product range. Work highlights this year have included assistance with the orderly liquidation of one of its funds, including how best to deal with certain illiquid positions and redemptions in kind.

Sidley Austin LLP

Sidley Austin LLP advises European, US and Asian institutional managers on the full range of fund strategies, including credit, fixed-income, liquid credit and global macro. The team has particular expertise in providing multijurisdictional regulatory advice and has a strong niche in seed investments. James Oussedik, who leads the team, maintains a broad client portfolio of institutional and start-up managers, with a consistent record in credit funds work. Stephen Ross is also highly active on behalf of managers, with senior associate Peter Chapman serving as another key contributor to the practice.

Practice head(s):

James Oussedik

Other key lawyers:

Stephen Ross; Peter Chapman

Testimonials

Fantastic work ethic and high quality.

Stephen Ross : Incredible brilliant mind with consistent excellence.

General and specialist knowledge. Ease of navigating within the firm to get the right specialist knowledge without feeling you are side stepping someone. Ability to be flexible around their services and what we require from Sidley. Good candidate and measured advice.

Key clients

Maniyar Capital Advisors Limited

Algebris (UK) Limited

Amia Capital LLP

G Squared Capital LLP

Generation Investment Management

Lodbrok Capital LLP

Promeritum Investment Management LLP

Tages Capital LLP

Work highlights

  • Advised Maniyar on the terms of its spin-out from Tudor.
  • Advising Algebris on a range of fund launches.
  • Advised on Tages Capital’s seed investments/acceleration capital investments.

Arnold & Porter

Arnold & Porter advises US and EU fund managers on fund structuring, including the formation and launch of master-feeder structures, funds of one, funds of funds and asset funds. The team, which is led by hedge fund specialist Simon Firth, works in close conjunction with the firm's US offices and has strong European and US regulatory capabilities.

Practice head(s):

Simon Firth

Testimonials

Simon Firth is a strong support across the general area of contracts and corporate law. He provides a quick turn around and solid delivery of contract drafts.

Key clients

Curzon Funds SPC

IPM Informed Portfolio Management

K2Q Capital Limited

Cardean Bell Ltd

Credicorp Capital

Haven Cove SICAV plc

MFW – Multi Family Wealth Limited

PrimeXtend Limited

ShadowFall Capital & Research LLP

Temporis Capital Limited

York Capital Management LLC

Work highlights

  • Advised Curzon Funds, a Cayman Islands hedge fund, on the launch of a new sub-fund and new share classes to existing sub-funds.
  • Advising IPM Informed Portfolio Management AB (IPM) and its Cayman/Delaware Funds on a range of matters.
  • Advised UK fund adviser, K2Q Capital, on negotiating participation and on the fund platform provided by Prelude Capital.

Macfarlanes LLP

Macfarlanes LLP combines regular work for European investment managers, particularly on alternative credit funds, with an active start-up fund practice. The firm has notable integrated regulatory and tax expertise across key European jurisdictions, enabling it to handle cross-border mandates. The practice is led by Sam Brooks, who has a strong focus on work for start-up managers.

Practice head(s):

Sam Brooks

Testimonials

The team at Macfarlanes have an acute sensitivity to the commercial aspects of our business, especially in such a competitive environment. In looking for legal counsel, we critically needed advice that was not only legal, but also practical and suitable for our circumstances, especially as a small emerging manager.

Our main point of contact was Sam Brooks, who has been extremely helpful through the fund formation process. Sam provided excellent legal advice, and went to great lengths to help us with the unforeseen challenges that popped up during the fund formation process and even after launch.

Shearman & Sterling LLP

Led by John Adams, Shearman & Sterling LLP's team advises a wide range of institutional fund managers on fund formation and operational issues, and spin-outs and fund restructurings, with broad expertise across the US and European markets. It is also knowledgeable about complex regulatory issues, including Brexit-related changes and AIFMD.

Practice head(s):

John Adams

Testimonials

‘Market knowledge, versatility, responsiveness.’

‘John Adams is one of the best partners I have every worked with: knowledgeable, on top of all details, fully accessible and dependable.’

‘Cross-border team working as one team across the various offices and practices able to provide 24-hour assistance.’

‘Dependable and knowledgeable team.’

Key clients

Attestor Limited

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

Albacore Partners

Skybridge Capital II, LLC

OrbiMed Capital

Dynamo Capital

RK Capital Management

Work highlights

  • Advising Attestor Capital on its multibillion flagship special situations/distressed assets fund.
  • Advised Prosperity on its suite of Russia/former Soviet Union-focused hedge funds.
  • Advised RK Capital Management on the wholesale restructuring of the fund terms for RK Mine Finance.