Hall Of Fame

Retail funds in London


CMS‘ retail funds practice acts on the gamut of open-ended funds matters, advising on the launch of new Undertaking for Collective Investment in Transferable Securities (UCITS) structures across a range of asset classes, including real estate and infrastructure among others. The regulatory side of the practice has carved out a strong ESG niche and is further focusing on digitalisation and AI in the funds sector, while also advising on existing regimes such as sustainable finance disclosure regulation (SFDR) and newly developed ones such as the Financial Conduct Authority’s (FCAs) consumer duty. Edinburgh-based practice head Karagh Gilliatt acts for a number of the UK’s largest retail fund managers, advising on open-ended structures. Laura Houët is the firm’s co-head of ESG, acting for both fund managers and authorised corporate directors operating sustainable funds. Senior associate Rachel Lowe joined the firm from KPMG Law in March 2022, assisting with SFDR disclosures in addition to Markets in Financial Instruments Directive (MiFID) and Alternative Investment Fund Managers Directive (AIFMD) matters.

Practice head(s):

Karagh Gilliatt; Laura Houët

Other key lawyers:

Rachel Lowe


‘Laura Houët develops excellent client relationships, understands her client’s business and delivers pragmatic advice.’

‘Laura Houët has a deep understanding of cross-border issues on ESG in particular.’

Key clients

Baillie Gifford


Scottish Widows Schroders Personal Wealth

T. Bailey Fund Services

Phoenix Group

Scottish Friendly

Argonaut Capital Management

Sanlam Group





Aegon Asset Management UK plc

Quilter Investors

Scottish Friendly Asset Managers Limited


Manulife Investment Management

Chawton Global Investors


Evelyn Partners


Legal & General Investment Management


Amati Global Investors

SVM Asset Management

Evenlode Investment Management Limited

Work highlights

  • Advised Aegon Asset Management UK plc in implementing a digital-only transfer agency service for its UK fund ranges.
  • Advised BMO and following the acquisition of BMO’s asset management business by CTI, advised CTI on the implementation of SFDR across their entire European fund ranges.
  • Provided legal and regulatory advice to Scottish Widows Schroders Personal Wealth in their implementation of changes to their suite of UK investment funds to introduce ESG considerations and sustainability disclosures.

Eversheds Sutherland (International) LLP

Eversheds Sutherland (International) LLP‘s ‘friendly, available and honest’ retail funds team acts for investment managers seeking to establish new funds, with particular strength in ESG-focused funds covering asset classes including debt, infrastructure and real estate. The practice group also assists clients with applications to the FCA, including for new Long-Term Asset Fund (LTAF) structures and consumer duty matters, in addition to providing advice on SFDR. Practice head Michaela Walker acts for both fund managers and depositary banks on fund structuring and oversight and cash monitoring, while also driving the team’s ESG work. Julian Brown advises on the formation of collective investment schemes and fund reorganisations, while Phil Spyropoulos focuses on regulatory issues, including ESG matters. Martin Sandler joined the team from Ernst & Young LLP in October 2022, advising on fund transactions, restructurings and associated regulatory issues.

Practice head(s):

Michaela Walker

Other key lawyers:

Julian Brown; Phil Spyropoulos; Martin Sandler; Katie Taylor; Giulia Del Bianco


‘The team is great at sharing regulatory updates and are very proactive.’

‘They can distil complicated regulatory issues into bite size pieces of information, and they aren’t scared to simply answer “yes” or “no” when needed, which is what is needed when a commercial decision is required.’

‘I work mainly with Michaela Walker, who always makes herself available.’

‘Very insightful knowledge of what the regulator expects.’

‘Friendly, available and honest.’

‘Julian Brown is a very knowledgeable partner.’

‘The firm is deep and broad in its experience and expertise.’

‘Michaela Walker is an exceptional lawyer and leader, across retail funds yet fully also across the full spectrum of fund and investment management.’

Key clients


Santander Asset Management UK Limited

M&G Securities Limited

Aviva Investors


Franklin Templeton

Ninety One

St James Place


First Sentier Investors (UK) Funds Limited

Rathbones Unit Trust Managers

Sarasin & Partners

Janus Henderson

Hargreaves Lansdown Fund Managers

UBS Global Asset Management (UK)

Baring Asset Management Limited


Columbia Threadneedle



Phoenix Unit Trust Managers

Seven Investment Management

Thesis Unit Trust Management

T Rowe Price

Work highlights

  • Advised on one of the UK’s first long-term asset funds (LTAF). After receiving regulatory approval from the FCA in an expedited three months, our client’s LTAF is expected to be the second to ever launch in the UK and the first of its kind in terms of asset class and strategy.
  • Advised Franklin Templeton on a large restructuring project to combine the Franklin Templeton and Legg Mason fund ranges under a single brand identity.
  • Advised Oasis Crescent on the establishment of the first Shariah-compliant retail fund range in the UK which meets demand for financial products that are suitable for British Muslims and that tie in with religious, social and ethical beliefs of investors.

Macfarlanes LLP

Praised for its ‘great breadth and depth of knowledge,’ Macfarlanes LLP‘s funds team advises several major asset managers on the structuring, operation and winding up of UCITS, non-UCITS retail schemes (NURS), open-ended investment companies (OEICs) and most recently LTAF investment vehicles, with further expertise in liquidity management and ESG investing. The funds practice works in tandem with the regulatory team to assist fund managers on matters of compliance, while also working closely with industry bodies and regulators on the development of new products and guidelines. ‘Rock star’ Lora Froud leads the team, specialising in open-ended structures and a variety of regulatory regimes, including AIFMD and MiFID. Alexandra Green supports clients with authorisations and restructurings, while senior counsel Alexandra Cochrane specialises in OEICs, in particular mergers, schemes of arrangement and terminations. Associate Tiffany Cox advises on the establishment, operation and merger of both umbrella and individual OEICs, while also advising on ESG matters.

Practice head(s):

Lora Froud

Other key lawyers:

Alexandra Green; Alexandra Cochrane; Tiffany Cox; Sandeesh Shah; Emma Garnham; Harry Middleton


‘Lora Froud is extremely responsive, and always delivers sound practical advice through her team. She cares about the client relationship, anticipating needs and keeping us up to date with regulatory developments in the retail funds space. She works very well with the regulatory team, often teaming up with Alexandra Green to ensure that our wealth management business is kept abreast of all applicable regulatory developments.’

‘This is a team with great breadth and depth of knowledge. Everyone is responsive and proactive, from paralegals to partners.’

‘Lora Froud and Alexandra Green are my go-to lawyers in this area. They always give clear, commercial advice that is on point.’

‘Sandeesh Shah is excellent. She is very knowledgeable and a great communicator. We find her really easy to work with and a great asset to the team.’

‘We have worked extensively with Lora Froud, Alexandra Cochrane and Harry Middleton. All are very responsive, work well to tight timeframes and use their wealth of experience to very good effect.’

‘Lora Froud is a rock star for UK open-ended funds, always available and very knowledgeable. Lora is very professional, and she always comes with creative ideas and solutions. Emma Garnham is a rising star!’

‘Lora Froud and Alexandra Cochrane continue to deliver a good service for us. Lora’s knowledge in particular is always valuable, and her proactive outlook has often been very helpful to us.’

‘Tiffany Cox is an up-and-coming star. She is very knowledgeable and authoritative in the subjects she covers, and works hard to meet client deadlines. Also, very flexible in making herself available for meetings, even at short notice.’

Key clients

abrdn Fund Managers Limited

Legal & General Investment Management

Jupiter Unit Trust Managers Limited

GAM Sterling Management Limited

Waystone Management (UK) Limited

Quilter Investors Limited

FundRock Partners Limited

Thesis Unit Trust Management Limited

Minerva Fund Solutions Limited

First Eagle Investment Management LLC

Link Fund Solutions Limited

Liontrust Fund Partners LLP

Work highlights

  • Advised abrdn on various legal and regulatory matters for its large UK authorised range.
  • Assisted Legal & General Investments with various matters for its UK authorised fund range.
  • Advised Jupiter on its authorised UK and range on numerous legal and regulatory aspects in relation to its UK funds.

Simmons & Simmons

Simmons & Simmons‘ funds practice advises managers overseeing a range of fund structures, including UCITS, NURS and the newly approved LTAF, assisting with the structuring and restructuring of funds and providing support for ongoing fund operations. On the regulatory front, the team advises on a myriad of regimes in the UK and Europe, including setting funds up to be sold across borders and providing guidance on marketing rules. Penny Miller leads the team, with her practice focused on regulatory issues concerning both products and governance within asset managers, while also spearheading the practice’s ESG efforts. Neil Simmonds and Mahrie Webb both advise asset managers on the formation and launch of fund structures and associated regulatory matters, while Catherine Weeks acts for clients seeking to establish cross-border operations, advising on SFDR and SMCR requirements and outsourcing issues.

Practice head(s):

Penny Miller

Other key lawyers:

Neil Simmonds; Mahrie Webb; Catherine Weeks; John Dooley; Emily Wilks; Dom Buxton


‘The team was instrumental in helping navigate the regulatory complexities of setting up UK’s first long term asset fund structure. Their ability to turn around documents and advice in short order was instrumental to the product’s success and it was reassuring to have them on board.’

‘John Dooley and Dom Buxton were always available to provide advice on the new LTAF structure and could be relied upon to meet the short turn-around requirements of the regulator. Their input and expertise were invaluable.’

Key clients

BlackRock Investment Management (UK) Limited/BlackRock Fund Managers Limited

Man Fund Management UK Limited/Man Group



Legal & General Investment Management

First Sentier Investors


Hargreaves Lansdown

Santander Asset Management


Investment Fund Services Limited

Ruffer LLP

Baring Asset Management


Work highlights

  • Advised Schroders on the launch of a new umbrella OEIC and its first climate focused sub-fund.
  • Advised Waystone on all aspects of the establishment and authorisation of WS Lyrical Value Funds (UK) ICVC and its sub-fund WS Lyrical U.S. Value Equity Strategy Fund.
  • Advised Man on all matters regarding the ongoing operation of their authorised fund structures.

Burges Salmon LLP

Burges Salmon LLP counts both fund managers and regulators among its clients, advising authorised corporate directors on the establishment of UCITS, NURS and LTAF structures while working alongside the latter on various regulatory regimes. Leading the team is Tom Dunn, whose practice straddles both foundation and operation of funds and regulatory support, including on the FCA's new Overseas Funds Regime among others. Promoted to director in May 2022, Anna Davis is an expert in financial services regulation, including the MiFID regime, while associate Alex Gillespie advises fund managers on the foundation and winding up of OEICs, AUTs and ACSs.

Practice head(s):

Tom Dunn

Other key lawyers:

Anna Davis; Alex Gillespie


‘Tom Dunn has provided time and expertise in a very generous manner.’

Key clients

Border to Coast Pensions Partnership Limited

Financial Conduct Authority

FundRock Partners Limited

Investment Fund Services Limited

St. James’s Place Unit Trust Group Limited

The Financial Services Compensation Scheme

Marlborough Fund Managers Limited

Morningstar Wealth Platform

Wales Pension Partnership

WAY Fund Managers

The Mainspring Group

Work highlights

  • Advised the FCA on the introduction of the new Overseas Funds Regime, which was announced by HMT to enable non-UK funds that have equivalent regulatory protections to a UK UCITS to be marketed to retail investors in the UK.
  • Advised St. James’s Place on the launch of four new fund-of-funds.
  • Supported FundRock on the implementation of the Consumer Duty including a series of five workshops with the client to help guide them through the new requirements and the actions they need to take as a business.

Farrer & Co

Farrer & Co has carved out a strong niche in the property and charity funds market, advising these alongside traditional retail fund managers on matters ranging from fund formation to a range of regulatory issues, including the new consumer duty, governance and guidelines around high risk investments. Leading the team is Grania Baird, who specialises in the establishment of authorised funds such as UCITS and NURS among others. Jessica Reed‘s practice centres on the establishment of open-ended investment structures, with a further focus on ESG investing, while Andy Peterkin focuses on alternative capital raising structures and the marketing of private funds and pooled investment vehicles.

Practice head(s):

Grania Baird

Other key lawyers:

Jessica Reed; Andy Peterkin

Key clients

Thesis Unit Trust Management Ltd/Tutman LLP

Omnis Investments Limited

The Charities Property Fund/Savills Investment Management (UK) Ltd

Aubrey Capital Management Ltd

The Charities Property Fund/Savills Investment Management (UK) Ltd

Handelsbanken ACD

Evelyn Partners Fund Solutions Limited

CCLA Investment Management Limited

Acer Tree Investment Management LLP

Work highlights

  • Acted for Thesis Unit Trust Management Limited on a significant number of projects this year, including numerous FCA applications for new authorised funds and other changes to its fund ranges.


The funds team at Fieldfisher acts for both regulated and in particular unregulated retail fund managers, creating bespoke structures and advising on the launch of new funds. The London team frequently works alongside the firm's Luxembourg office to advise on the cross-border aspects of retail fund formation and operation, while also providing regulatory support. Team head Kirstene Baillie is noted for her regulatory practice, advising both fund managers and the regulators themselves on developments in the UK's fund regulation framework.

Practice head(s):

Kirstene Baillie

Key clients

Veritas Investment Partners (UK) Limited

Baillie Gifford

Sumitomo Mitsui Trust International Limited

Guardian Media Group Plc

Guardian Media Group Plc and now The Scott Trust Endowment Limited

The Trustees of Landis Grinding Systems Pension Fund

The Group Trustees of the Schneider Group of the Electricity Supply Pension Scheme (ESPS)

Group Trustees of the Drax Group of the Electricity Supply Pension Scheme (ESPS)

Ingenious Capital Management Limited

K&L Gates LLP

K&L Gates LLP‘s funds team acts for fund managers with the operation of both regulated and unregulated structures, including UCITS and NURS funds, with particular expertise in assisting funds domiciled in Ireland and Luxembourg in addition to the UK. The practice has also supported clients with regulatory challenges, advising on AIFMD and various ESG regimes in addition to digital assets regulation. Practice head Michelle Moran frequently liaises with UK and EU regulators on behalf of clients, whom she also assists with the authorisation and operation of retail structures. Philip Morgan is a regulatory specialist, advising on AIFMD and MiFID II in addition to ongoing Brexit-related matters, while Andrew Massey specialises in matters concerning UCITS structures.

Practice head(s):

Michelle Moran

Other key lawyers:

Philip Morgan; Andrew Massey

Key clients

Dimensional Fund Advisors

Federated Hermes

Independent Franchise Partners

John Hancock Financial Services

Principal Asset Management