Retour United Kingdom - Solicitors

Listed funds in London

Gowling WLG

Gowling WLG's listed investment funds practice, which is led by Nick Heather, represents both listed vehicles and major intermediaries such as investment banks and brokers, often with support from the firm's tax and regulatory departments. The team has particular expertise in closed-ended listed investment funds, and is one of the busiest firms in this area in terms of deal volumes. The 'exceptional' Oliver Riley focuses on the launch, structuring and reconstruction of onshore and offshore closed-ended funds, while other recommended members of the team include Kristian Rogers, who specialises in capital raisings, John Reed and senior associate Kate Seabourne.

Responsables de la pratique:

Nick Heather

Les références

The key strength of this team lies in the expertise, experience and commitment to client delivery by its partners and, in particular, Oliver Riley.

Oliver Riley stands out as an exceptional legal adviser who exceeds all expectations as regards client availability, expertise in investment fund law and his ability to create a very pleasant working environment for all involved in a transaction‘.

Principaux clients

M&G Credit Income Investment Trust plc

CEIBA Investment Limited

BlackRock Investment Management

J.P. Morgan Cazenove

Odyssean Investment Trust plc

Tufton Oceanic Assets Limited

Investec Bank plc

Draper Esprit plc

Stifel Nicolaus Europe Limited

Stockdale Securities Limited

Peel Hunt LLP

RM Secured Direct Lending plc

Urban Logistics REIT plc

Empiric Student Property plc

GCP Student Living plc

Pacific Industrial & Logistics REIT plc



Triple Point Social Housing REIT plc

Jefferies International Limited

GCP Asset Backed Income Fund Limited

Principaux dossiers

  • Acted for Investec Bank plc as sole sponsor and broker to Smithson Investment Trust plc, which raised £822.5m on IPO.
  • Advised on the initial public offering of M&G Credit, a new investment trust managed by M&G, the asset management arm of Prudential.
  • Acted on the London listing of CEIBA on the Specialist Fund Segment of the main market for listed securities of the London Stock Exchange in conjunction with an initial issue (by way of placing and offer for subscription) that raised £30m.
  • Advised AIM quoted venture capital fund Draper Esprit on its £100mfundraising by way of a conditional placing new ordinary shares.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's investment funds team is 'knowledgeable, experienced, commercial and responsive'. The firm has built a reputation for developing innovative capital structures which often straddle the line between closed-ended and open-ended funds, especially with regards to regulatory and tax aspects and voting structures. IPOs, fundraisings and placing programmes are the firm's core areas of operation, supplemented by a number of regulatory mandates relating to the Markets in Financial Instruments Directive (MiFD), Alternative Investment Fund Managers Directive (AIFMD) and Brexit. In a standout highlight, team head Nigel Farr, Sarah Pollock and others assisted with the fundraising of SDCL Energy Efficiency Income Trust, one of the first UK listed investment funds to invest exclusively in the energy efficiency sector. Nish Dissanayake is the name to note for listed fund formation and funds-related regulatory advice. Tim West is also highly recommended.

Responsables de la pratique:

Nigel Farr

Autres avocats clés:

Nish Dissanayake; Tim West; Sarah Pollack

Les références

In terms of technical capability they are probably among the best in the market place. As well as being extremely diligent and hard working, the team went beyond the documents and provided thoughtful, commercial and timely advice to guide us through the disrupted equity markets‘.

You often hear the term ‘a lawyer’s lawyer’, but I think the HSF team go beyond that and are ‘a client’s lawyer”.

One of the leading teams in listed funds. They offer the deepest bench of experienced partners and senior associates. Very diligent, commercial and thorough in their approach to execution

HSF provides a true one stop shop, commercial solutions to unexpected developments and, most importantly, really felt like an extension of our own team‘.

Principaux clients

US Solar Fund plc

SDCL Energy Efficiency Income Trust plc

Funding Circle SME Income Fund Limited

Cambridge Innovation Capital plc

Pershing Square Holdings


BioPharma Credit plc

Man Group plc

Neuberger Berman


Polar Capital Partners

Baillie Gifford

J.P. Morgan Asset Management

HarbourVest Partners

Aberdeen Standard Asset Management

Sherborne Investors

Third Point Offshore Investors Limited

Marble Point Loan Financing Limited

Principaux dossiers

  • Advised BioPharma Credit on its placing programme prospectus, involving two placings of a total circa $470m.
  • Advised SDCL Energy Efficiency Income Trust plc on its £100m fundraising via a premium listing on the London Stock Exchange, and its acquisition of 12 energy and energy efficiency projects, which formed the seed assets for this IPO.
  • Advised US Solar Fund plc on the publication of a prospectus in connection with its proposed initial public offering of 250m shares at US$1 each.
  • Advised Phaunos Timber Fund Limited on the defence of an unsolicited cash offer by Stafford Capital Partners Limited (via a bidco) under the Takeover Code.
  • Advised Third Point Offshore Investors Limited on the transfer of the listing category of its ordinary shares from a Standard Listing to a Premium Listing (Closed Ended Investment Fund) of the official list of the UKLA.

Stephenson Harwood

William Saunders heads up the investment funds practice at Stephenson Harwood, which is acclaimed for its 'depth of experience across the team and first-class client accessibility'. The firm boasts a constantly growing client roster of both listed funds and brokers, with instructions from a total of eleven new clients in the past year. Regulatory assistance is an area of regular workflow, with the firm supporting clients through the implementation of Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and MiFID II. On the IPO side, Alex Haynes and others acted for N+1 Singer in their role as financial adviser and placing agent on the IPO of Hipgnosis Songs Fund. This is the first listed investment company to deliver returns to investors through investment in songs and associated musical intellectual property rights. Senior associate Kate Longman and Alexa Whitehead both garner praise from the firm's competitors.

Responsables de la pratique:

William Saunders

Autres avocats clés:

Alex Haynes; Alexa Whitehead; Kate Longman

Les références

Excellent team culture: no prima donnas, the partners don’t distance themselves from more junior colleagues and there is a clear collaborative approach within the team‘.

‘What makes this firm unique is the expertise of Alex Haynes and the partner-led approach to transactions.

Very knowledgeable regarding all aspects of listed funds and listed fund transactions‘.

Partners are accessible and delegate effectively but remain up to speed on the status of delegated matters. You can be confident that Stephenson Harwood has the resources to meet your requirements and will provide a high quality service‘.

An exceedingly well balanced team with partners who range from specialising in the detailed technical nuances to being commercial street fighters‘.

A highly professional and skilled team who are able to act on a variety of asset classes and listing markets‘.

Principaux clients

Aberdeen UK Tracker Trust

Acorn Income Fund Limited

Akur Limited

Allianz Global Investors GmbH

Allianz Technology Trust PLC

Alternative Asset Opportunities PCC Limited

Aseana Properties Limited

Ashoka India Equity Investment Trust plc

Atlantis Japan Growth Fund Limited

Augmentum Capital LLP

Augmentum Fintech plc

BlackRock Income & Growth Investment Trust plc

BlackRock Throgmorton Trust plc

Camper & Nicholsons Marina Investments Limited

Cantor Fitzgerald Europe

CC Japan Income & Growth Trust plc

Cenkos Securities plc

City of London Investment Trust plc

Coupland Cardiff Asset Management

Dragon Capital Limited

Draper Esprit VCT plc

Eighteen East Capital Limited

European Real Estate Investment Trust Limited

Fidante Capital

finnCap Limited

GCP Infrastructure Investments Limited

GLI Finance Limited

Gore Street Capital Limited

Gore Street Energy Storage Fund plc

Gravis Capital Management Limited

Grit Real Estate Income Group Limited

Henderson Global Trust plc

Henderson International Income Trust Fund

Henderson Value Trust

Impax Asset Management Group plc

Invesco Fund Managers Limited

Jupiter Emerging & Frontier Trust plc

Jupiter European Opportunities Trust plc

Jupiter UK Growth Investment Trust PLC

Jupiter Green Investment Trust plc

Lazard World Trust Fund

Lowland Investment Company plc


Manchester & London Investment Trust plc

Miton Group plc

Mobius Capital Partners LLP

Mobius Investment Trust plc

Nplus1 Singer

Numis Securities

Peel Hunt

Panmure Gordon (UK) Limited

PMM Partners

Premier Global Infrastructure Trust plc

Qatar Investment Fund plc

Schroder Real Estate Investment Management Limited

Stifel Nicolaus Europe Limited

Stockdale Securities Limited

Strand Hanson Limited

Strategic Equity Capital plc

Sturgeon Capital Limited

The Bauhaus Investment Trust plc

The Bankers Trust

The Brunner Investment Trust PLC

The Diverse Income Trust plc

The Establishment Trust plc

The Merchants Trust PLC

Victory Park Capital Advisors

Vietnam Enterprise Investments Limited

Whiteoak Capital Group

Winterflood Securities Limited

Woodford Investment Management LLP

Woodford Patient Capital Trust plc

Principaux dossiers

  • Acted for Mobius Capital Partners LLP (a newly formed investment management business launched by Mark Mobius, Carlos Hardenberg and Greg Konieczny) on the IPO of their first investment trust, Mobius Investment Trust plc.
  • Advised venture capital firm Augmentum Capital on the successful IPO of its first listed investment fund.
  • Acted on the IPO of Ashoka India Equity Investment Trust plc, a new investment trust established to invest primarily in listed Indian securities.
  • Acted for N+1 Singer in their role as financial adviser and placing agent to the IPO of Hipgnosis Songs Fund Limited.


CMS's sector-focused structure allows practitioners in the listed funds department to call upon experts with knowledge in the relevant underlying asset classes. The funds team frequently works with the infrastructure and real estate sectors.  Listed funds (including Real Estate Investment Trusts (REITs)) and investment banks feature heavily in the team's client list, with one matter highlight seeing Kirsty Duane  advising longstanding client John Laing Infrastructure Fund on its £1.45bn sale to Jura Acquisitions. Practice head Cathy Pitt is 'highly experienced and takes a thorough yet commercial stance'.

Responsables de la pratique:

Cathy Pitt

Les références

Deep expertise in listed funds and the ability to tap into the firm’s broader sector capabilities. Competitive costing given the service delivered‘.

Cathy Pitt is highly experienced and takes a thorough yet commercial stance‘.

Principaux clients

JP Morgan Cazenove


John Laing Infrastructure Fund Limited

Principaux dossiers

  • Advised FTSE 250 listed infrastructure fund John Laing Infrastructure Fund Limited on its £1.45bn sale to Jura Acquisitions Limited.
  • Advised FTSE 250 listed fund Sequoia Economic Infrastructure Income Fund Limited on its over-subscribed placing, open offer and offer for subscription.
  • Acted for JP Morgan Cazenove on the proposed IPO and admission to the premium segment of the Official List of The Global Sustainability Trust PLC.
  • Acted for JP Morgan Cazenove as sole bookrunner on the proposed IPO of Blue Ocean Maritime Income Fund PLC, a shipping credit fund to be admitted to trading on the Specialist Fund Segment.
  • Advised healthcare sector real estate investment trust Primary Health Properties plc on its £392m merger with MedicX Fund Limited.

Hogan Lovells International LLP

While Hogan Lovells International LLP represents the full spectrum of players in the funds space including sponsors, investors and activists, it has a penchant for issuer-side work. Recent expansion into representing more investment banking clients is also evident. The firm's experience in listing funds on London's equity capital markets spans the London Stock Exchange's Main Market, the Specialist Fund Market and AIM. Besides this, the group also handles primary and secondary capital raisings. The firm's Washington office often supports the London team with securities advice relevant to US-based investors. Erik Jamieson is practice head; Jeremy Pickles is recommended for his expertise in the infrastructure, reinsurance and real estate asset classes.

Responsables de la pratique:

Erik Jamieson

Autres avocats clés:

Jeremy Pickles

Principaux clients

Acheron Portfolio Company

Amber Infrastructure

BBGI Global Infrastructure Ltd

BH Global

BH Macro


Blue Capital


Canaccord Genuity Limited

CATCo Reinsurance Opportunities Fund

Clipstone Logistics REIT Plc

Greensphere Capital

HICL Infrastructure Company Limited


International Public Partnerships Limited


IRF European Finance Investments Ltd

Jefferies International

John Laing Capital Management

John Laing Environmental Assets Group

John Laing Infrastructure Fund Ltd

JPMorgan Cazenove

Life Settlement Assets

Macquarie Capital Partners (Europe) Ltd

Numis Securities

Pantheon Ventures

Pershing Square

Riverstone Energy

Sherborne Investors


Urban Exposure

3i Infrastructure

Principaux dossiers

  • Advised HICL Infrastructure Company Limited on moving the domicile of its investment business to the United Kingdom and its subsequent winding up.
  • Represented Jefferies International Limited acted as Sponsor, Global Co-ordinator, Bookrunner and Financial Adviser on the IPO of Mobius Investment Trust plc.
  • Acted fro Life Settlement Assets plc on its IPOon the Specialist Fund Segment following the restructuring of its predecessor fund, Acheron Portfolio Corporation SA.
  • Acted as legal advisor to Liberum Capital in relation to major listings in 2018.
  • Represented Numis Securities on the introduction of Stenprop Limited to the Specialist Fund Segment.

Norton Rose Fulbright

With a reputation for 'strong investment fund knowledge built up over many years', Norton Rose Fulbright's asset and wealth management team sits within the firm's broader corporate, M&A and securities practice. The group has a strong history advising on IPOs, with mattes including its representation of Trian Investors 1 in the client's £270m offering. 'Reliable, experienced and committed' partner Ian Fox led on this mandate. The firm is also noted for adopting and maintaining close relationships with major regulatory and trade bodies. Senior associate Margaret Simcock boasts both international experience (having spent six months at the firm's Bahrain office) and in-house experience (through a secondment at  Fenchurch Advisory Partners). Head of team Richard Sheen is a key contact.

Responsables de la pratique:

Richard Sheen

Autres avocats clés:

Margaret Simcock; Ian Fox

Les références

One of the leading firms in listed funds‘.

The high quality of work is a given with this firm, as are the range of resources it can offer. The big bonus is that the team is pleasure to deal with‘.

Ian Fox is highly valued for his deep expertise in listed funds‘.

Ian Fox and Richard Sheen both bring high energy and expertise of the highest order. They are a pleasure to deal with‘.

Principaux clients

Civitas Social Housing PLC

JP Morgan Cazenove Limited

Starwood European Real Estate Finance Limited

Schroder Real Estate Investment Management

JPMorgan Income & Growth Investment Trust plc and JPMorgan Elect plc

Numis Securities Limited

The Renewables Infrastructure Group Limited (TRIG)

Macau Property Opportunities Fund

Trian Investors 1 Limited

Principaux dossiers

  • Acting for Trian Investors 1 Limited, a newly incorporated Guernsey company, on its IPO and application for admission of its shares to the Specialist Fund Segment of the London Stock Exchange.
  • Acting in relation to the redomiciliation of Utilico Emerging Markets Limited from Bermuda to the UK and the establishment of its successor vehicle Utilico Emerging Markets Trust plc.
  • Acting for JPMorgan Cazenove, Goldman Sachs and Bank of America, as joint bookrunners, on an initial placing and offer for subscription of C Shares by BioPharma Credit plc and the establishment of a subsequent placing programme of New Ordinary Shares and C Shares.
  • Acting in relation to the proposed IPO of a newly incorporated investment company and its application for admission of its securities to the premium segment of the Official List and the Main Market of the London Stock Exchange.
  • Acting for Canaccord Genuity Limited, as sponsor and placing agent, in connection with the IPO of Baillie Gifford US Growth Trust plc.

Travers Smith LLP

'Niche expertise in specific areas balanced by sound commercial advice' is a unique feature of the investment funds group at Travers Smith LLP, according to one client. The team is led by Sam Kay, with core practitioners Aaron Stocks and Will Normand highlighted as being 'highly engaged and motivated partners'. Besides working for high-profile funds on the London market, the firm also represents managers with global investor bases and leading investment banks. Recent years have been marked by an increase in the number of US-based managers who choose to instruct the firm, in part due to the ancillary expertise of the firm's in-house US securities law group led by Dan McNamee. Advising Smithson Investment Trust on what was at the time the UK's largest ever investment trust launch was a major recent highlight.

Responsables de la pratique:

Sam Kay

Autres avocats clés:

Aaron Stocks; Will Normand

Les références

I find the whole of the Travers team to be highly engaging, commercial and pragmatic. They are highly knowledgeable and are always on hand to help find solutions. They are extremely well connected in the market and I would not hesitate to recommend them‘.

They managed the process extremely well, combining their knowledge of the client with their product expertise to deliver very sound advice. They combine attention to detail with the ability to consider the big picture‘.

Both Aaron Stocks and Will Normand have a great breadth of knowledge on the listed market and are the go-to lawyers for me in this sector‘.

Senior associate Leigh Stockey is highly skilled and knowledgeable. She will always go the extra mile for her clients‘.

Will Normand offers excellence in technical aspects and client management. Aaron Stocks is particularly strong in anticipating roadblocks and delivering sound advice‘.

Will Normand combines excellent technical knowledge with insightful commercial input to provide clear and pragmatic advice‘.

Professional, personable and very patient; they went above and beyond to help get us to market‘.

Principaux clients

Smithson Investment Trust Plc

Merian Chrysalis Investment Company Limited

Sir Martin Sorrell and S4 Capital Plc

Literacy Capital plc

Impact Healthcare REIT

Ranger Direct Lending Fund plc

Neuberger Berman Europe Limited

Stifel Nicolaus Europe Limited

Liberum Capital Limited

Numis Securities Limited

Franklin Templeton Investment Management Limited

Principaux dossiers

  • Advising Smithson Investment Trust plc on its IPO and admission to the official list and to trading on the premium segment of the Main Market of the London Stock Exchange in the UK’s largest ever investment trust launch.  
  • Advised Merian Chrysalis Investment Company Limited, which is advised by Merian Global Investors Limited, on its initial public offering and listing on the Main Market of the London Stock Exchange.
  • Advised new client Sir Martin Sorrell and his investment vehicle, S4 Capital Limited, on S4 Capital’s establishment, accelerated £51m private placement and share-for-share reverse acquisition by S4 Capital plc.
  • Acting for the issuer, Franklin Templeton Investment Management Limited, on the proposed IPO of up to 300 million shares of €1 each in a Luxembourg SICAV and applications for admission to trading on the Specialist Fund Segment of the Main Market of London Stock Exchange plc and the Regulated Spot Market of the Bucharest Stock Exchange.
  • Advised new client debt fund Blue Ocean Maritime Income plc in connection with its proposed US$250 million IPO and admission to trading on the Specialist Funds Segment of the London Stock Exchange.  

Charles Russell Speechlys LLP

'Always available, pleasant to deal with and clear at communicating' is how one client describes Charles Russell Speechlys LLP's investment funds department, which is jointly led by Jonathan Bayliss  and Keir Gordon. The group was strengthened by the addition of real estate funds expert Melville Rodrigues, who joined from CMS in April 2018. A varied client list is a key feature of the practice, which regularly assists both major institutional fund management groups and smaller boutique managers. The firm's charity-sector group works hand-in-hand with the funds practice, attracting a number of charity fund managers. Victoria Younghusband is recommended for her 'extremely responsive manner'.

Responsables de la pratique:

Jonathan Bayliss; Keir Gordon

Les références

A very capable practice boasting reasonable fees and competent, helpful staff‘.

Melville Rodrigues has exceptional market knowledge and is always keen to help‘.

Victoria fully understands our expectations, provides valuable insights into the industry, and helps solves legal issues pragmatically and efficiently‘.

Principaux clients

Resonance Limited

Vistra (UK) Limited


Mithras Investment Trust Plc

Alecta Investment Management

The Biotech Growth Trust Plc

Liberum Capital Limited

Chelverton UK Dividend Trust plc

Fidelity Asian Values PLC, Fidelity China Special Situations PLC, Fidelity European Values PLC, Fidelity Japan Trust PLC

Ocean Dial Investment Funds plc

Principaux dossiers

  • Advised Resonance Limited on its current and proposed social impact real estate funds: providing accommodation for the homeless and persons with disability.
  • Advised Vistra Limited in relation in several fund establishment projects for clients of Vistra.
  • Advised PropertyMatch (a joint venture between CBRE and GFI) in relation to secondary trades of closed and open-ended real estate fund units, including associated regulatory issues.
  • Conducted legal due diligence for Alecta Investment Management in relation to commitments in institutional real estate funds, as well as secondary trade in fund units.

Reed Smith LLP

The 'very calm and assured' Delphine Currie heads up the investment funds practice group at Reed Smith LLP. Currie specialises in listed funds and REITs, while fellow partner Daniel Winterfeldt is the name to note for US securities advice in the context of matters involving the London Stock Exchange or Link Asset Services. Winterfeldt is one of several dual-qualified practitioners who give the team a transatlantic edge. The practice advises across much of the fund life cycle from fund formation and structuring to regulatory compliance and downstream transactions. Bookrunners, REITs and listed infrastructure vehicles all feature on the firm's varied client roster.

Responsables de la pratique:

Delphine Currie

Autres avocats clés:

Daniel Winterfeldt

Les références

I have found the team to be very responsive and able to offer pragmatic advice, not just theoretical options. They know our business well and continue to invest time into the relationship outside of simply providing legal advice‘.

Delphine Currie gives well thought-out views on any topic.  Nicola Delaney is very responsive and produces high quality work‘.

Slaughter and May

At Slaughter and May, Roland Turnill and others are advising Prudential on the demerger of its UK & Europe business; this transaction will form two separate listed companies. The firm has developed a reputation for advising financial institutions on the impact of Brexit, including potential restructuring options for the asset management and investment fund arms of these entities. Cross-jurisdictional fund mandates are a core area of work, with pan-European structures being a particular favourite for the corporate team. Robert Chaplin, Paul Dickson and Jan Putnis together lead the practice and are key contacts.

Responsables de la pratique:

Robert Chaplin; Paul Dickson; Jan Putnis

Principaux clients

3i Group

Blackrock UK

Honeycomb Investment Trust

HM Government

Legal & General

Neptune Investment

Pollen Street Capital

Prudential plc


Standard Life Aberdeen

Principaux dossiers

  • Acting for Standard Life Aberdeen (SLA) on the sale of its capital-intensive insurance business to Phoenix Group.
  • Acting for Prudential plc on the demerger of its UK & Europe business (M&G Prudential).
  • Acting for Honeycomb Investment Trust plc on the establishment of a new placing programme.
  • Acting for 3i Investments plc (a wholly owned subsidiary of 3i Group) on a new investment management agreement with 3i Infrastructure.
  • Acting for a number of global, UK and EU asset managers on their Brexit-related planning work.