Gowling WLG has a stand-out closed-ended listed funds team that advises funds, investment banks and their brokers, throughout fund lifecycles, including IPOs and secondary fundraisings, as well as capital restructurings and reorganisations. The group works closely with the firm’s tax and financial services regulatory lawyers, giving it the ability to provide a rounded service. Nick Heather , who stepped down from the partnership and became of counsel in 2022, continues to lead the practice group, drawing on a strong track-record in domestic and overseas fund listings on the London markets. John Reed is an expert in fund structurings for on- and offshore fund managers, as well as public M&A transactions involving investment funds; while Oliver Riley and Kristian Rogers  are also practitioners of note. Principal associate Kate Seabourne  has a growing investment fund IPO and secondary fundraising practice.

Herbert Smith Freehills LLP‘s ‘long-established leading investment funds practice‘ encompasses high-profile fund IPOs and secondary listings on the London stock exchange, as well as fund mergers and migrations. The team is well-placed to advise on regulatory issues, with an increasing focus on ESG-related work, as well as changes to the UK listing regime. It is known for advising on innovative closed-ended listed fund structures and often handles mandates with a transatlantic flavour. The ‘respected and experienced‘ Nigel Farr‘s clients include fund managers and investment banks, with a focus on fund launches and private fund formation. Tim West‘s practice spans launches, secondary capital raisings and reconstruction, and he is also regularly instructed on regulatory matters; while Nish Dissanayake is an expert in fund formation and regulatory advice for asset managers. Senior associate Shantanu Naravane is building a name for structured credit-, private equity- and healthcare-related closed-ended listed funds.

Stephenson Harwood is most known for its experience in handling investment company IPOs, advising on fundraisings and secondary issuances. REITs constitute an important part of the client roster for the firm, but it has experience across the listed fund space. Regulatory advice is another important strand of work, and lawyers are increasingly instructed on ESG reporting and disclosure matters. William Saunders  is the team leader, with significant experience in fund IPOs, share transactions and placings. Alex Haynes is an expert in fund establishment, fundraisings, and restructurings and reorganisations, advising UK and offshore investment managers; and Carolyn Hall is noted for advising issuers and investment banks on closed-ended investment fund IPOs and secondary issues, as well as reconstructions. Promoted to partner in April 2022, Nick Horton is another name to note.

Based across the firm’s Edinburgh and London offices, the team at Dentons is experienced in a wide variety of listed fund transactions, including in relation to consolidations of investment companies, secondary fundraisings and the spectrum of financial regulatory issues. The group also has expertise in REITs, an area where multiple team members are adept. Jointly taking the lead are London’s Guy Norfolk  and Edinburgh’s Claire Armstrong , who has built a reputation for investment trust and REIT design and launch instructions. In London, Cameron Half contributes US securities-related advice, which he brings to bear in relation to cross-border listed fund transactional work; while in Edinburgh, senior associate Owen McLennan is developing an impressive practice involving ESG and impact investing.

Hogan Lovells International LLP‘s investment funds team has a sub-group specialising in listed funds, with a particular focus on London stock exchange-listed structures investing in infrastructure and renewables. The firm’s practitioners assist both issuers and bank-side clients, and are equipped to advise on financial regulatory issues. In conjunction with colleagues in Washington DC, the London group regularly advises on transatlantic deals. Erik Jamieson , praised for ‘an uncanny ability to break down even the most complicated concepts into their constituent parts‘, takes the lead, and has gained a strong reputation for London-listed infrastructure funds, although he also has an active practice advising on renewables funds and REITs. Jonathan Baird  is noted for public and private capital raisings, M&A activity and regulatory advice, especially UK and US securities law issues for non-US issuers. Jeremy Pickles  is known for infrastructure-, reinsurance- and real estate-related listed funds work. Also recommended is ‘really excellent‘ counsel Amelia Stawpert.

Norton Rose Fulbright‘s team advises asset and wealth managers on every aspect of their listed funds, including formation, regulatory issues, as well as M&A of asset management businesses. The group is increasingly active in advising on funds investing in real asset classes such as energy, infrastructure and transport, as well as debt and insurance products. In addition to IPOs, lawyers at the firm has experience in secondary fundraisings, as issuer’s and banks’ counsel. Practice head Richard Sheen is noted for his expertise in the launch and structuring of investment funds and equity capital markets transactions, also areas of expertise for Ian Fox and Mark Lloyd Williams. Senior associate Margaret Simcock  is another practitioner of note.

Reed Smith LLP‘s ‘responsive and collaborative‘ investment funds team brings together expertise in capital markets, private funds, tax and financial regulations, with and international reach across Europe, US, the Middle East and Asia that enables it to advise on complex cross-border fundraisings. In Trish O’Donnell, the group has a dual-US and English qualified lawyer based in London, enhancing the transatlantic offering. ‘Experienced and calm‘ practice head and co-chair of the global corporate group Delphine Currie has developed a deep specialism in listings for closed-end funds, and is particularly adept with REITs. James Wilkinson is another lawyer with a strong track-record in listed funds, advising on capital raisings on the AIM. Associate Fiona McFarlane is developing a strong listed funds practice, servicing an impressive roster of overseas clients.

The ‘dedicated and dynamic team‘ at Travers Smith LLP has a well-rounded listed funds offering, handling IPOs, secondary issues and restructurings in relation to complex and innovative structures. The group assists with the full lifecycle of London-listed investment funds on the premium segment of the main market, as well as the specialist fund segment. Aaron Stocks leads the group, noted for being active in fund IPOs. The ‘excellent‘ Will Normand is a staple of the closed-ended listed funds group, and advises funds, their managers, sponsoring investment banks and brokers.

At Charles Russell Speechlys LLP, lawyers provide a full service for institutional clients, including the portfolios of Fidelity. The team advises on fund structuring and establishments, bringing together experts in tax, regulatory law and corporate transactions; and often works closely with colleagues in Luxembourg and Switzerland, giving it coverage of the international listed funds space. The group is jointly led by ‘excellent‘ Victoria Younghusband , a specialist in regulatory issues including market abuse; and David Hicks , who focuses on corporate financial services mandates. Andrew Collins ‘ public companies practice regularly dovetails with listed funds work.

CMS‘ investment companies group, under the leadership of Alasdair Steele, is geared towards advising on REITs, as well as the spectrum of listed funds that invest in alternative assets. The team is well prepared to handle regulatory and non-regulatory ESG issues; as well as wider financial regulatory matters and listed fund taxation. Cathy Pitt is a key name in the team, and is increasingly active for governance and boardroom management issues in the funds space. Jack Shepherd has recent experience in fund IPOs and managed wind-downs, while Kristy Duane is also an expert in IPOs. Phil Nicklin is the name to note for tax issues associated with REITs.

The closed-ended funds practice at Eversheds Sutherland (International) LLP advises funds and their service providers on issues such as capital and debt raising, mergers, reorganisations and liquidations. The team is particularly strong for regulatory issues, and has an increasing presence for ESG and responsible investing matters. Heading the team is veteran financial regulatory lawyer Ronald Paterson, who takes the lead on advising fund managers on launching innovative funds concerning a variety of asset classes. Associate Liz Kwok handles closed-end fund launches and related corporate transactions, in addition to providing regulatory advice, focusing mainly on ESG. Based in Edinburgh, legal director Sarah Burnside works closely with the London team.

At Slaughter and May, listed funds are handled from the investment funds and asset management department. In relation to listed funds work, the team is often instructed to advise on bespoke transactions, particularly focusing on closed-end funds and their managers. Clients benefit from the firm’s strong corporate and M&A offering, and the group regularly assists with strategic acquisitions and deposals, as well as the establishment of asset management businesses. The key contacts are Paul Dickson , an expert in asset-backed partnerships, and Jan Putnis , who heads the financial regulation group and has substantial experience in multi-jurisdictional work for asset managers. Nick Pacheco is also recommended.