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Dechert LLP

Work 020 7184 7000
Fax 020 7184 7001

Gus Black

Work 020 7184 7380
Dechert LLP

Work Department

Financial services and investment management.


Gus Black focuses his practice on investment funds (emphasising private equity, debt, hedge and real estate); establishing and restructuring international asset management businesses, corporate and commercial transactions in the asset management sector and general UK financial services regulation. In the sphere of private fund formation, Mr Black has advised sponsors and cornerstone investors on the structuring, re-structuring, formation and investment of numerous funds and other co-investment structures.


Partner 2009. Publications of note: 'Law and Regulation of Investment Management' (Private Equity Funds chapter, Sweet & Maxwell); 'European Lawyer Reference Series on Hedge Funds' (UK Chapter).


University of Cambridge (1997 MA); College of Law, Guildford (LPC).

London: Corporate and commercial

Financial services: non-contentious/regulatory

Within: Financial services: non-contentious/regulatory

Dechert LLP is particularly well known for its work in the asset management industry, and is also notable for its Brexit-related work. Gus Black leads a team that includes financial services regulatory expert Monica Gogna, who has notable experience advising on issues affecting the provision of cross-border investment services. In a recent highlight, she led the firm's team advising Amun - a special purpose issuance vehicle of the fintech group Amun Technologies - on the establishment of its exchange traded products (ETPs) programme and issuance of the first series of products thereunder. The practice was strengthened by the 2019 arrivals of Marianna Tothova from Ashurst and Thiha Tun from Akin Gump LLP.

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Within: Partnership

Dechert LLP's cross-departmental partnership group brings together lawyers specialising in employment law, financial services, corporate, tax, litigation and regulatory compliance. The group advises partnerships, LLPs, LPs and individuals on the spectrum of contentious and non-contentious issues, with a real focus on the fund and asset management sectors. The team is led by Jason Butwick and includes financial services experts Christopher Gardner and Gus Black, and Charles Wynn-Evans, who acts for a variety of individual partners and members in disputes.

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London: Finance

Derivatives (including commodities)

Within: Derivatives (including commodities)

Dechert LLP has a core team of professionals within its financial services group who advise on the full range of matters relating to derivatives and structured products transactions. Its lawyers combine derivatives work with fund formation and regulatory advice, giving the firm a uniquely buy-side perspective. The practice is led by Gus Black, who is co-head of the global financial services practice, and lead London derivatives and funds partner Abigail Bell, who handles brokerage, custody and other trading and financing arrangements and structures including ISDAs, exchange-traded and clearing arrangements, repos, securities lending, and committed and uncommitted credit facilities. Bell's clients range from hedge fund start-ups to global asset managers, private equity funds and retail funds domiciled world-wide. Rising star associate Karen Stretch focuses exclusively on derivatives. The firm also advises on regulatory developments, including the impact of EMIR, SFTR, MiFID II, MiFIR and AIFMD.

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London: Investment fund formation and management

Hedge funds

Within: Hedge funds

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.

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Private funds

Within: Private funds

The financial services and investment management department at Dechert LLP has a clear focus on private debt and fund work. Thanks to additional practices in Luxembourg, Dublin, Munich and Paris, the group boasts a 'strong fund structuring knowledge when it comes to pan-European vehicles'. The practice receives further support from the firm's broader tax team, as well as from financial regulatory specialists who sit within the funds group itself. Gus Black, who leads the offering, represents both sponsors and cornerstone investors. Also recommended is Christopher Gardner, noted for his dual specialism in debt and credit funds and private equity buyout funds.

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Retail funds

Within: Retail funds

Dechert LLP's retail funds work is a pillar of its diverse asset management practice. Its London team has experience acting for many of the largest global fund managers (across multiple strategies, asset classes and fund structures), which is combined with an ability to work across a larger international platform. In the retail funds space, the group works closely with the Luxembourg and Dublin offices to advise clients (including hedge fund managers) on their activities in the European UCITS market. In addition to assisting US-based financial services firms with obtaining European market access, Karen Anderberg advises US, UK and European fund clients with US regulatory issues. Other names to note include Richard L. Heffner, Jr., Monica Gogna, Mikhaelle Schiappacasse, and associates Craig Borthwick and Alison Couchman. Gus Black is a global co-chair of the financial services group.

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London: Risk advisory


Within: Brexit

The Brexit taskforce at Dechert LLP focuses on fund and financial services work, leveraging the firm’s European and global network to handle issues for UK-based and international clients. Other departments which contribute to the firm’s Brexit expertise include the international trade and government regulation practice, and the corporate, tax, IP, data protection and labour and employment teams. Competition specialist Alec Burnside, who divides his time between London and Brussels, leads the group, which also fields global co-chair of the financial services department Gus Black, private equity and corporate expert Christopher Field, tax specialist Mark Stapleton and Paul Kavanagh, who focuses on the IP issues arising as a consequence of Brexit. Senior director Richard Tauwhare is also recommended. The team saw some senior exits from its trade group with  Miriam Gonzalez now at Cohen & Gresser LLP, Andrew Hood joining Fieldfisher and Roger Matthews moving to Dentons.

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