Investment funds in New Zealand

DLA Piper New Zealand

DLA Piper New Zealand incorporates a ‘proactive approach to solving problems that blends commerciality with the legal niceties’. In Wellington, Alasdair McBeth and Rachel Taylor are nationally recognised for their combined wealth of experience in innovative investment products and start-ups, strategic issues and compliance. McBeth acts for the trustees of public sector pension and superannuation funds, while Taylor is a go-to advisor to listed companies and public issuers, insurers, trustees and Crown entities. In Auckland, special counsel Nicole MacFarlane  advises on regulatory compliance, corporate governance, and the establishment of investment products, while Neisha Mistry who is ‘experienced in both superannuation and investment management‘ and Tom Barnes, are both top senior associates in Wellington. Tracy Cross left the practice in September 2021.

Practice head(s):

Alasdair McBeth; Rachel Taylor

Testimonials

‘Experience. The DLA Piper team offer good experience in their subject matters. If you ask them, they will think outside the box for an alternative solution.’

‘Excellent experience and depth. Highly recommend Alasdair McBeth and Tom Barnes. Excellent knowledge of the law impacting funds management and are pragmatic and commercial in it’s application. They get to the nub of issues and don’t overwork files by spending time going down rabbit holes – which is too often the case with other lawyers.’

‘Alasdair McBeth – abundance of experience in the legal and regulatory aspects of superannuation and investment management in New Zealand. Gives clear, concise explanations.’

‘The firm is well resourced, with an effective “hierarchy” of skills & experience. It has particular strength in investment funds and is arguably the leading law firm in this field in NZ. The firm is fully engaged and connected in the wider investment funds industry. This brings useful market intelligence and insights. The firm appears committed to corporate social responsibility – an increasingly important consideration for clients when procuring services.’

‘Alasdair McBeth (partner) – New Zealand’s kaumātua of investment funds law. Top quality legal advice and a nice man to boot. Tom Barnes (senior associate) – a rising star. Incredibly responsive. Bright, Commercially savvy.’

‘Neisha Mistry – experienced in both superannuation and investment management. Has gained institutional knowledge of our business and gives well considered feedback.’

Key clients

Select Wealth

Marsh Limited

Bank of China

Russell Investments Limited

Allianz Australia Insurance Limited

Pinnacle Investment Management Pty Limited

MMC Limited

Milford Asset Management

AON New Zealand

Fisher Funds

Work highlights

  • Advising start-up platform provider, Flint Wealth Limited on all aspects of its business structure, service provider documents and customer agreements, together with advice on business processes.
  • Continued to advise Smartshares in its application to obtain a licence under the Asia Region Funds Passport and its drafting of the trust deed and disclosure documentation for its Passport funds.
  • Acted for Select Wealth KiwiSaver, Smartshares and Public Trust on the establishment of a third-party fund for Select Wealth.

MinterEllisonRuddWatts

MinterEllisonRuddWatts’ impressive client roster includes New Zealand’s leading financial services entities including four of the five largest retail fund managers and the investment management arms of major banks. It is increasingly sought after by international institutions seeking to enter the New Zealand market with innovative financial products and services. It is also increasingly advising on the developing fintech and cryptocurrency spaces advising an exporter of digital token/coin services,  and a number of start-ups. As a funds expert of over 30 years, practice head and ‘seasoned professional’ Lloyd Kavanagh is an authority on governance, investment funds, Fintech incubation, and financial services regulation. Jeremy Muir specialises in fund establishment and private equity, venture capital, hedge funds and property investment. Senior associate Maria Collett-Bevan  and special counsel Alistair Robertson are the other key figures.

Practice head(s):

Lloyd Kavanagh; Jeremy Muir

Testimonials

‘Minters have the market leading reputation in the funds management space in NZ, and we felt in safe hands. Their commercial market insights and strong relations with the key regulators meant that they are able to help with key strategic calls as well as legal advice. We also like their pro-active commercial style, and willingness to go the extra mile in client service.’

‘Lloyd Kavanagh is who we primarily work with, across a wide range of key issues. Lloyd is a seasoned professional who combines deep technical knowledge of the NZ law and keen commercial judgement. He is also a pleasure to work with, even under pressure and never loses his dry sense of humour.’

‘Jeremy Muir – very knowledgeable with regard to the PE/VC space in NZ, very approachable and efficient. Great to deal with.’

‘The MinterEllisonRuddWatts team has a market leading reputation in the financial services space in New Zealand, and we trust that their excellent technical advice, coupled with their commercial market insights will result in the best outcome for us.’

‘Lloyd Kavanagh is our principal adviser in the financial services sector at MERW. Lloyd’s technical knowledge and understanding of the regulatory environment is excellent and his AML expertise, in particular, has been invaluable.’

 

Key clients

ANZ Investment Services Limited

Westpac New Zealand Limited

BlackBull Group Limited

TSB Bank

New Zealand Bankers Association

Digital Identity New Zealand

Pioneer Capital Management Limited

Track Back Limited

Work highlights

  • Project Blackpool: Winding up of Bonus Bonds. We advised by ANZ Investment Services (New Zealand) Limited on all aspects of the closing of its 50-year-old public offer of Bonus Bonds and winding up of the Bonus Bonds managed investment scheme during 2020.
  • Advised Westpac New Zealand on the sale of its retail wealth and financial advisory business to Forsyth Barr (including the transfer of 32 financial advisers) and formation of a strategic partnership between the parties. Under the strategic partnership, Forsyth Barr will provide financial advice to the relevant retail clients, while their transactional and lending needs continue to be serviced by Westpac New Zealand.
  • Acted for Pioneer Capital Management Limited, one of New Zealand’s largest private equity fund managers, on the establishment of Pioneer Capital Partners IV LP, a $300m fund, with significant cornerstone investors including the Guardians of New Zealand Superannuation, New Zealand’s sovereign wealth fund.

Bell Gully

Bell Gully offers ‘an unrivalled depth of knowledge and experience in the area, which is coupled with an intense client focused ethic’. It’s main partner, Haydn Wong draws on his expertise in corporate law and financial services to advise New Zealand’s largest fund managers and supervisors on superannuation and insurance matters, fund establishment, and portfolio rationalisation. In Wellington, ‘outstanding lawyerAmon Nunns advises both listed and unlisted companies on public offers, private placements, employee share plans, stock exchange compliance and company and securities law. Special Council Katie Dow is recommended for unit trusts, superannuation, KiwiSaver and insurance.

Practice head(s):

Haydn Wong

Other key lawyers:

Amon Nunns; Katie Dow

Testimonials

An unrivalled depth of knowledge and experience in the area, which is coupled with an intense client focused ethic.’

‘Amon Nunns is outstanding as a lawyer and valued commercial advisor. He runs a strong and cohesive team which delivers a comprehensive service.’

Key clients

AMP

ANZ Bank

Craigs Investment Partners

The New Zealand Guardian Trust Company Limited

Suncorp / Asteron

Covenant Trustee Services Limited

First State Investments

Guardians of New Zealand Superannuation

Stride Property Limited

Pearlfisher Capital

Work highlights

  • Advised Pearlfisher Capital on the establishment of the Pearlfisher Capital First Mortgage Fund I. The Fund was established to provide first mortgage loans to borrowers who are undertaking property development and property investment transactions within the New Zealand property market.
  • Advised Guardian Trust on a range of activities in relation to its role as supervisor of managed investment schemes. During the review period, this work included general regulatory advice (including in relation to the FMCA).
  • Advising Craigs Investment Partners on their five managed investment schemes. Craigs Investment Partners is one of New Zealand’s largest investment advisory and management firms.

Chapman Tripp

Chapman Tripp has wide-ranging knowledge of structuring and design investment products, developing innovative products, tax effective PIEs, establishing NZX-listed Exchange Traded Funds, retail fund structures and creating limited partnership investment vehicles.

Practice head(s):

Penny Sheerin; Tim Williams

Testimonials

‘Very deep experience in the subject area, combined with impressive business acuity.’

Dentons Kensington Swan

Dentons Kensington Swan‘s team offers ‘pragmatic and specialist advice’ in managed funds, superannuation and the KiwiSaver scheme. It also advises offshore funds in relation to New Zealand investments. The team, co-led by ‘standoutCatriona Grover and David Ireland, who has a wealth of expertise across all facets of investment law, and is also a trusted advisor to public bodies, national and regional wealth managers, insurance providers and mortgage originators. Ireland is involved in reforms in financial markets regulation, including the recent Financial Markets Services Legislation Amendment Act reforms. Senior associate Tom McLaughlin assists the on all aspects of financial products and services.

Practice head(s):

David Ireland; Catriona Grover

Other key lawyers:

Tom McLaughlin

Testimonials

‘Catriona Grover is a stand out. She knows her area thoroughly and provides technically correct plus pragmatic advice.’

‘Catriona Grover – outstanding, could not say enough about the value she provides to us. Firstly she is always technically on point knows her stuff inside out in the funds/investment space. She is also across the ongoing Fintech changes and all this while being approachable and friendly to people at all levels in our business. ‘

‘Consistently great experience as a customer. Stick to budget and timeframes all the while delivering real value add in terms of the advice they give. The team is always well trained with lots of talent upcoming rather than just one or two people who are good. Working with an outstanding female partner (Catriona) who is top of her field is also really nice.’

‘Catriona Grover is the standout legal partner that I work with. She is both an excellent technical lawyer but also an excellent commercial mind.’

‘A very supportive working relationship with David Ireland and Tom McLaughlin. Helping to get us over the line on large projects in a pragmatic (business minded) way. As above, I feel they have the best interests of our business at the centre of what they do for us.’

Key clients

Kiwi Wealth Limited

ANZ Bank New Zealand Limited

AMP Wealth Management New Zealand Limited

NZX Wealth Technologies

UniSaver New Zealand

Funds Administration New Zealand Limited (FANZ)

Equity Trustees Limited

Civic Financial Services Limited (‘Civic’)/Local Government

Superannuation Trustee Limited (‘LGST’)

Te Rūnanga o Ngāi Tahu (‘ Ngāi Tahu ’)/ Whai Rawa Fund

Limited (‘WRFL’)

Work highlights

  • Advised Mercer New Zealand on the FMA-consented bulk transfer of members of the Bank of New Zealand Officers’ Provident Association to a new bespoke employer plan within the Mercer Super Trust, involving funds under management of approximately $270 million.
  • Advised Kernel Wealth on the establishment and launch of eight new index-tracking funds, including Kernel’s first diversified global funds, bespoke thematic funds with a focus on innovation and technology, and funds focused on environmental, social, and governance factors.
  • Advised Consilium NZ on the establishment of its KiwiWRAP KiwiSaver Scheme, including assisting Consilium NZ obtain its manager licence and advising on all design and regulatory issues, with the Scheme launching at the end of January 2021.

Russell McVeagh

Russell McVeagh works alongside fund managers, trustees, supervisors, financial advisers, custodians and investors on the establishment, operation, restructure and wind up of funds and investment. Dan Jones and special counsel Sarah McQueen are considered ‘go-to advisers who understand the need for flexible, commercial advice’.

Practice head(s):

Dan Jones

Other key lawyers:

Sarah McQueen

Testimonials

‘Dan Jones (partner) and team are friendly, experts in their fields, supportive, and good to work with. They are perfect “go-to” advisers, and understand the need for flexible, commercial advice that does not simply “quote the law”.’

Key clients

BNZ

Citibank N.A.

Guardians of NZ Superannuation

JP Morgan

Mint Asset Management

NZ Funds Management

Oyster Management Limited

Work highlights

  • Advising Oyster Management Limited on the establishment and offering of a number of property funds with a number of different structures and features.
  • Represented Tiger Brokers in proceedings brought in the New Zealand Markets Disciplinary Tribunal by the New Zealand stock exchange, NZX Ltd.
  • Advised New Zealand Funds Management Limited (NZ Funds) on the establishment of a new investment fund called Income Generator.

Anthony Harper

Anthony Harper is a leader in property-related investment funds, including mortgage funds. In addition to its expertise in investment funds and other managed investment schemes, the team also advises overseas financial service providers (particularly those in Australia) on access to the New Zealand market. Nick Summerfield is routinely advises major funds including  Kiwi Wealth and Kiwibank; his practice also spans insurance (both regulatory and claims matters), capital markets, and financial services provider regulations.

Practice head(s):

Nick Summerfield

Testimonials

‘Great understanding of New Zealand financial regulator the FMA with a practical approach to issues. Easy to work with and understanding of business drivers.’

‘Nick Summerfield is an expert in the field.’

Key clients

AIA New Zealand Limited

Westpac New Zealand Limited

Silverfin Capital Limited

New Zealand Funds Management Limited

Mainland Capital Limited

First Credit Union Incorporated

Midlands Funds Management Limited

Work highlights

  • Supporting AIA New Zealand, NZ Funds Management, and others on their transition to the new financial advice regime which commenced in March 2021.
  • Assisting Mainland Capital Limited with the establishment of the Mainland Capital Growth Fund, a bespoke growth-oriented property development fund.
  • Assisting Third Age Health Services with its successful NZX listing.

Lane Neave

Lane Neave maintains strong capability in structuring and establishing managed investment schemes. Clients include NZX-affiliated brokers, non-bank deposit takers, financial institutions, investment managers, registered banks and commercial property syndicate managers. As part of its broader corporate department, the Christchurch-based investment funds team also advise on all aspects of capital raising and financial markets regulatory law. Claire Evans is singled out for her expertise in limited partnerships and cross-border investment fund work while senior associate Matthew Tolan is another key member of the practice.

Practice head(s):

Claire Evans

Other key lawyers:

Matthew Tolan

Testimonials

‘Claire Evans is the specialist on the financial service legal consultation in NZ, under her help and support, we are successfully setting up the fund and meet the compliance requests by New Zealand Financial Market Authority. She also help us to divided the equity and debts allocation within our different companies, which is a pretty innovative practice. ‘

‘Lane Neave provides me with a comprehensive pack of legal solutions not only on the fund setting up but also on construction, property acquisition and disposition, AML compliance, they provide a one-stop legal service provider. They are having a deep understanding of the New Zealand finance and banking legislation environment.’

‘The team at Lane Neave are very knowledgeable and provide consistently great service. We have also really appreciated them prioritising our time-critical projects. Claire Evans has been fantastic to deal with and her commercially pragmatic opinions are really valuable. Her and her team are responsive and have an understanding of wider legal and commercial risks, and provide advice in plain English.’

Key clients

Stonewood Group

Erskine + Owen Limited

Asuka Asset Management

Investus Capital Limited

Williams Corporation

MIE Pay Limited

New Zealand Public Trust

Credit Union Baywide (tradin

Work highlights

  • Advised the Stonewood Group, a significant residential property construction provider, on the establishment of Stonewood Capital Limited and a wholesale offering of unsubordinated secured loan notes of up to $50m.
  • Acting for Williams Corporation on the establishment of the Williams Corporation Capital Partnership LP. The LP is seeking investment from wholesale investors to assist with funding Williams Corporation’s fast growing residential development business.
  • Acting for Asuka Asset Management of Japan on the establishment of a New Zealand venture capital fund, IV Sustainable Technology Fund with a focus on sustainable and tech companies (in conjunction with Icehouse Ventures).