CMS remains a key player in the market for its ‘exceptional strength and depth of expertise’ in the retail funds space. The practice is sought after by a growing client roster comprised of notable names from the private equity, financial services, and authorised funds sectors, to assist with high-value and high-profile matters ranging from fund formations and terminations to SDR applications and asset transfers. Heading up the team in Edinburgh is Karagh Gilliatt, who is praised by clients for her ’remarkable ability to distill complex regulatory frameworks into actionable guidance.’ Gilliatt regularly acts for investment managers, ACDs, and depositaries on market-leading LTAF and tokenisation projects. In London, Laura Houët sits at the helm of the department and her ‘intellect and meticulous attention to detail’ make her well equipped to advise on investment strategies, the implementation of SDR, SFDR, alongside Stewardship Code regulations and governance to aid in climate transitions. The group also benefits from the aptitude of Glasgow-based Aidan Campbell, whose practice spans establishing, reconstructing, and terminating authorised funds, as well as regulatory compliance.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Karagh Gilliatt really understands our business and provides us with commercial and pragmatic advice. Karagh also has a deep understanding of the regulator's position and provides us with useful insights.’
‘Friendly and approachable legal team.’
‘Aidan and his team provide excellent advice to help us navigate the regulated environment.’
‘The CMS team demonstrates exceptional strength and depth of expertise across the full spectrum of areas essential to the retail funds sector.’
‘Their integrated approach ensures a genuinely collaborative partnership between client and lawyer, where advice is not only technically sound but also commercially astute and, when needed, innovative.’
‘The combination of deep knowledge and practical insight ensures that solutions are tailored, forward-thinking, and aligned with our strategic goals.’
Key clients
- Phoenix Group
- Baillie Gifford
- Carne Global
- Waystone
- Scottish Widows Schroder Personal Wealth
- Aegon Asset Management UK PLC
- Scottish Equitable PLC
- Nomura Asset Management UK
- Westbrooke Yield Plus PLC
- Abrdn Fund Managers
- Scottish National Investment Bank
- SSE PLC
Work highlights
Advised Phoenix Group on its agreement with Schroders to form Future Growth Capital.
Advised the ACD of Baillie Gifford Positive Change Fund on the implementation of FCA’s Sustainability Disclosure Requirements regime.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Leading associates
Leading associates with regular involvement in their team's key work, and recognition from peers or clients as being ones to watch.
Lucy Pywell
Practice head
Karagh Gilliatt; Laura Houët
Other key lawyers
Aidan Campbell; Lucy Pywell