Investment funds in Scotland
CMS fields four partners in its dedicated funds practice including group co-heads Karagh Gilliatt and Colin Lawrie. The group provides advice on the full spectrum of funds issues to its client base of listed, unauthorised or regulated funds. Recent mandates include the establishment of an investment manager, obtaining regulatory authorisation, back-office and mid-office arrangements including outsourcing arrangements to support the investment fund business; and arrangements with depositaries. Aidan Campbell counts fund providers and distributors as clients and Wendy Colquhoun specialises in structuring outsourced fund platforms and fund administration arrangements.
Karagh Gilliatt; Colin Lawrie
‘The team really understands the clients’ industry and the specific intricacies and nuances, with a good understanding of market practices.‘
‘The team is commercially focused with good insight on regulatory requirements and regulator views.‘
‘Aidan Campbell and Karagh Gilliatt both demonstrate a combination of commercial focus with insight on what regulators are looking for.‘
Lloyds Banking Group
Standard Life Aberdeen Group
Smith & Williamson
T. Bailey Fund Services
Kames Capital plc
Citibank Europe plc, UK Branch
Close Brothers Asset Management
Trustees of the University of Glasgow Pension Scheme
- Advised Standard Life Investments and Aberdeen Asset Management on the harmonisation of their authorised fund ranges.
- Acted for Citibank on its appointment as depositary to the £7bn UCITS fund managed by Kames Capital.
- Instructed by T Bailey Fund Services to advise on the soft closure of the Evenlode Fund.
- Advised Baillie Gifford on the creation of a master-feeder arrangement.
- Assisted Sanlam UK with negotiating various outsourced platform, fund administration and custody arrangements with Pershing, Hubwise and IRESS.
Dickson Minto WS
Dickson Minto WS counts funds managed by the larger UK fund managers as clients and has maintained its strong position advising boutique and alternative fund managers. Recently, the practice has grown to advise on a number of alternative asset classes including healthcare, student accommodation, renewables, infrastructure and debt. Douglas Armstrong and Bruce Minto jointly lead the group.
Douglas Armstrong; Bruce Minto
Other key lawyers:
Andrew Todd; Colin MacNeill; Duncan Christison
- Advised the Alliance Trust on the sale of Alliance Trust Savings to Interactive Investor to create a £35bn investment platform.
- Acted for JPMorgan Multi-Asset Trust on its IPO.
- Advised on the launch of the Inverleith Private Equity Fund.
Brodies LLP's team, led by Andrew Akintewe, advises on all aspects of investment fund structures and terms including investment companies and unit trusts, offshore vehicles including protected cell companies, classic partnerships and LLPs. Karen Fountain is singled out by clients for 'using her knowledge in a pragmatic manner', and Paul McLaughlin specialises in the various uses of LLPs, general partnerships and SLPs.
‘Karen Fountain is key to the advice provided by Brodies.’
‘Brodies fields a small tight-knit group, which delivers an exceptional service with excellent value for money.‘
‘Karen Fountain is very knowledgeable on the UK investment environment, and uses that knowledge in a pragmatic manner. She is always available and attentive to clients’ needs.‘
FIM and Gresham House Group
HIPCC and Helios Underwriting PLC
LXB Retail Properties Fund LP
North East Scotland Pension Fund
Promethean Investments LLP
Arjun Infrastructure Partners
TPG Europe LLP
- Advising the Grosvenor Estates on the terms of its investment in a series of private equity, debt and other investment funds.
- Assisted with restructuring FIM renewable energy funds as well as capital raising projects.
- Advising North East Scotland Pension Fund, one of Scotland’s major public sector pension funds, on investments into alternative investment funds.
- Instructed by Arjun Infrastructure Partners to advise on aspects of its acquisition and development of a shareholding in the holding vehicle of a multi-national motorway services area operator.
- Advised Helios Underwriting and H I PCC on the structure, marketing and establishment of an investment product to give exposure to Lloyd’s underwriting.
At Burness Paull LLP, the team of banking and finance experts, led by Alan Soppitt, is recognised for its private fund formation and partnership work, particularly regarding the structuring, establishment and operation of Scottish limited partnerships. The enhancement of the firm's regulatory team through the appointment of Stuart Murdoch to the partnership has boosted the practice's presence and capabilities in the financial services sector, especially in contentious work. Andrew Christie continues to build the funds finance sub-group, which regularly assists clients with debt and security structures. Paula Kennedy is singled out for her work acting for investors in their investments into alternative investment funds.
Simpson Thacher Bartlett
Kirkland & Ellis
Aberdeen Standard Investments
- Acted for the European Investment Fund on its co-investment with Hedosophia Gamma II LP in the Series C funding round of N26, a German-headquartered, pan-European mobile bank.
- Advised Rede Partners on all the UK law partnership issues relating to the formation and operation of a series of ten executive co-investment limited partnerships.
- Provided Actis with Scottish law structuring advice on several elements of its fund and carry structuring.
- Assisting Schroder Adveq with the formation and operation of seven Scottish limited partnerships, which were established as fund-of-one vehicles.
The practice at Dentons regularly advises its blue-chip client roster on issues relating to fund financing, regulatory matters, corporate structures and disputes. The firm has notable expertise in handling corporate and banking structures with fund involvement; it leverages the firm's knowledge of tax, insurance and trust law. Claire Armstrong is based in Edinburgh and leads the Scotland asset management offering.
Other key lawyers:
Tim Edward; Owen McLennan
‘The breadth of the team and practice areas and the lawyers’ ability to draw on different skill sets and expertise is fantastic.’
‘The thing that sets Dentons apart is the effort put in to understand clients’ individual businesses and complexities with regular informal meetings. The low staff turnover drives a consistent approach with a deep understanding of the matters at hand.’
‘The finance experts at Dentons are always there at the end of a phone and able to deal with issues in a constructive way.’
M&G Real Estate
Target Global Advisors Limited
Aberdeen Standard Asia Focus PLC
- Acted for Gatehouse on the reorganisation of two funds, which manage real estate lettings, including the removal of the existing letting agent and appointment of a new one.
- Acted on the establishment of a new fund for Target Global Advisors.
- Handling the issuance of £37m of debt securities for Aberdeen Asian Smaller Companies Investment Trust (now Aberdeen Standard Asia Focus) on the premium debt segment of the London Stock Exchange’s main market.
- Instructed by Tortoise Investment LLC to advise on its acquisition of Ecofin, an FCA-regulated specialist investor in sustainable infrastructure.
Shepherd and Wedderburn has a strong track record in the closed-ended listed funds space; the team also has notable strength representing its asset manager client base and Scottish limited partnerships. Practice head Paul Hally has substantial experience in the investment trust field and has recently been advising clients on the potential impact of Brexit, among other issues.
‘We worked with Shepherd and Wedderburn on a complex transaction under a very challenging timetable. They worked tirelessly to ensure the transaction complied with all the required legislation and regulatory requirements. We were very impressed’.
‘Paul Hally led from the front and coordinated a diverse team of lawyers, accountants, secretaries and brokers. He worked tirelessly on the project and brought great experience and knowledge to the table’.
European Assets Trust NV
Baillie Gifford & Co
The Scottish Investment Trust plc
Horizon Infrastructure Partnership LLP
Canadian General Investments, Limited
Nucleus Financial Group Ltd
First State Investment Services (UK) Ltd
Schroder UK Mid Cap Fund plc
F&C Asset Management plc
Alliance Trust plc
Oaktree Opportunities Fund X, L.P
Accrue Capital Group
Hermes Real Estate Investment Management Ltd
Britel Fund Trustees Ltd
Catalyst Capital LLP
Blackstone Group LP
OLIM Property Ltd
Value and Income Trust plc
Scottish American Investment Trust Company plc
Deutsche Asset and Wealth Management
Canada Life Investments
- Advising on the rationalisation of the structure of European Assets Trust from being a Dutch entity that is managed from the UK, to a UK entity managed in the UK.
- Acting for Dunedin Property Asset Management on the establishment of a Scottish limited partnership.