Funds
The Lawyer
Alternative investment funds: scope of implementation of the AIFM directive in national law download
The scope of the AIFM-D comprises the regulation of AIFM and the marketing of AIF within the EU to professional investors.
UAE: liability of banks and financial institutions for fund transfers when financial sanctions are involved download
International political and economic factors may result in sanctions against certain countries or entities that affect the transfer of funds across borders.
Court of Final Appeal gives SFC bigger teeth with third route of enforcement in Tiger Asia download
SFC test cases — such as SFC v Tiger Asia — have sought to use section 213 of the SFO as a third route of market misconduct enforcement.
AIFM toolbox — May 2013 download
The AIFM toolbox aims to provide reader-friendly access to the EU legislation relating to AIFMD.
Private equity and investment funds
Dacheng is at the cutting edge of two relatively new fields of law: private equity investment and investment funds.
Asset management
Our team advises asset managers, investment funds and institutional investors on all legal, regulatory and tax aspects of the asset management industry.
AIFMD — the practical implications for your business download
Nabarro has considered the practical implications of the Alternative Investment Fund Managers Directive (AIFMD) on businesses.
Appleby receives client service award at HFMWeek hedge-fund event
Appleby has been named ‘Best Offshore Law Firm — Client Service’ at the HFMWeek European Hedge Fund Services Awards 2013, held recently at the Hurlingham Club in London.
In-specie distributions — further guidance from the Cayman Islands Court of Appeal download
On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund. The judgment will be of interest to directors and managers of investment funds.
Draft MySuper regulations released download
The exposure draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 sets out a number of proposed requirements.
Hogan Lovells advises banks on AED2bn facility made available to GEMS Education
Hogan Lovells has advised Mashreqbank and a syndicate of Islamic and conventional banks on an AED2bn Islamic and conventional facility made available to GEMS Education.
Mourant Ozannes receives Best Offshore Law Firm award at HFM event
Mourant Ozannes has been named Best Offshore Law Firm at the HFM European Hedge Fund Services Awards.
Supreme Court holds proof of materiality not needed to certify securities fraud class action download
The Supreme Court has held that plaintiffs in a Rule 10b-5 securities fraud class action for damages need not prove materiality to obtain class certification.
Appleby announces partner promotions and counsel appointments
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
US pair lead as Permira and HgCapital funds raise £4bn
US firms Fried Frank Harris Shriver & Jacobson and Proskauer Rose have advised on a duo of funds amassing close to £4bn that indicate the mixed success of private equity houses’ fundraising efforts.
Walker Morris advises NorthEdge Capital on its investment in Help-Link
Corporate lawyers from Walker Morris have advised private equity firm NorthEdge Capital on its investment in Help-Link.
Mourant Ozannes expands its Guernsey corporate practice
Barney Lee will be joining Mourant Ozannes as a partner in the Guernsey corporate practice.
Investment advice exempt from VAT — except for defined-benefit pension funds download
Management services provided to a fund in which the assets of defined-benefit pension schemes are pooled for investment purposes are not exempt from VAT.
Appleby expands funds and investment services team in Guernsey
Appleby has announced two senior additions to its funds and investment services team in Guernsey.
Ukraine and the Cyprus bailout: time to find a new haven for direct foreign investments? download
Will the Cyprus bailout be enough to end the island’s appeal as an offshore financial centre for Ukrainian businesses?
FIA Leveraged Fund: the Cayman Court takes a strict approach to distributions in kind download
A judgment from the Cayman Islands Court of Appeal has emphasised the primacy of the investment agreement between the fund and its investors.
Appleby advises Asia Mezzanine on provision of $30m facility to CAAM
Appleby has acted as British Virgin Islands and Bermuda counsel for Asia Mezzanine Capital Corporation in relation to the provision of a $30m facility to CAAM.
Jurisdiction update: Bermuda, British Virgin Islands, Cayman Islands, Mauritius download
Conyers Dill & Pearman has released issue three of its Jurisdiction Update for 2013, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius. Topics include insurance developments in Bermuda, a new ‘approved manager’ regime in the British Virgin Islands, Cayman Islands master funds and more.
Clifford Chance boosts Paris funds practice with Ashurst team
Clifford Chance is hiring Ashurst’s French fund formation chief Xavier Comaills and a team of lawyers to lead the firm’s Paris private funds group.
Corporate
Conyers is regularly involved in the largest, most innovative and complex corporate transactions involving companies in Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
Redemption of shares in BVI investment funds download
This briefing examines a number of issues that arise on the redemption of shares by an investor in a BVI investment fund that may lead to disputes between the investor, the fund and other investors.
The remedial constructive trust: a new proprietary remedy? download
In IKEA v Hauxwell-Smith and others (10/2012), IKEA was found to have been the victim of serious procurement irregularities involving Mr and Mrs Hauxwell-Smith between 1998 and 2000.
Alternative Investment Fund Managers Directive: an inconvenient truth download
The European Union is battling yet another crisis among one of its members, with the looming bankruptcy of Cyprus threatening to further destabilise the region at a time when it can ill-afford it.
Mishcon boosts private equity with duo of Dundas partners
Mishcon de Reya has beefed up its private equity practice with the hire of Dundas & Wilson partner duo Simon Sale and Nadim Meer.
Sponsored academies download
Underperforming schools are being asked to work with sponsors to provide vision and support.
School expansion projects in England download
The number of pupils in England is rising and there are high levels of demand for pupil places, which local authorities are struggling to meet.
The Priority School Building Programme and general capital funding for schools download
An independent review published in April 2011 looked into the way that capital is spent on schools in England and recommended a complete overhaul of the system.
Australian government releases draft legislation in relation to the 'full' IMR download
The Australian government has released the draft legislation for final ‘third’ element in the Investment Manager Regime (IMR) — being ‘IMR 3’ or the ‘full’ IMR.
Second FSA consultation paper on transposing the AIFMD download
On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the AIFMD into UK law (CP2).
Jackson reforms implemented — but much ambiguity remains, says Hogan Lovells download
The ‘Jackson reforms’ on civil costs and funding will become law on 1 April 2013, but much ambiguity remains around a number of key issues, according to Hogan Lovells.
Cayman Islands continue towards AIFMD readiness download
The Cayman Islands Government confirmed on 25 March its continuing implementation of measures that will ensure that the Cayman Islands Monetary Authority will be ready for the implementation of AIFMD.
AIFMD: challenges and opportunities download
Emmanuelle Entringer and Bishr Shiblaq of Arendt & Medernach explain the impact of the AIFMD on fund managers in the Middle East and North Africa.
Taylor Wessing sets out summary of UK Budget 2013 download
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
Chambers Global 2013 — DLA Piper full ranking summary download
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
Bashforth takes up role as head of directorship services for Appleby Trust (Cayman)
George Bashforth has been appointed as head of directorship services for Appleby Trust (Cayman) Ltd.
New bill to require merger of multiple superannuation accounts download
A new bill before Parliament would require trustees of superannuation funds to merge multiple superannuation accounts held by the same member.
Guide to regulation of funds in Jersey download
A guide to the regulation of investment funds in Jersey.
Luxembourg legal update — March 2013 download
Arendt & Medernach has released its Luxembourg legal update for March 2013.
Luxembourg legal update, March 2013: AIFMD implementing measures — the delegated regulation download
The delegated regulation supplementing Directive 2011/61/EU.
Luxembourg legal update — March 2013: the ESMA guidelines on sound remuneration policies of AIFMs download
The ESMA guidelines on sound remuneration policies of AIFMs.
Regulation of Jersey fund offers download
The extent to which an offer document for a Jersey fund is regulated depends on the type of fund and how widely the offer document will be circulated.
Regulation of non-Jersey fund offers in Jersey download
This briefing considers the circumstances in which regulatory consent is required by a non-Jersey fund for the circulation of an offer document or other marketing activities in Jersey.
Servicing non-Jersey funds in Jersey download
In most cases, a Jersey entity that wishes to carry on fund services business in relation to a publicly offered non-Jersey fund will be able to do so entirely under its FS Law registration acting in accordance with the FSB Codes.
The emergence of hedge-fund-backed reinsurers in Bermuda download
Hedge funds have cottoned on to the benefits of Bermuda’s reinsurance market, with many establishing their own start-ups.
Property authorised investment funds — where are we going? download
In 2008, the government introduced tax breaks for UK property funds. Now, five years on, we are seeing authorised investment funds being launched as property authorised investment funds.
Investment funds in the Cayman Islands download
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
The Cayman Islands: Mourant Ozannes presents a guide for hedge fund managers download
This paper explains the attractions of the Cayman Islands as a destination for hedge fund managers.
The AIFMD and the Cayman Islands — implementation update download
Conyers Dill & Pearman has released the March 2013 edition of its Cayman Islands AIFMD implementation update.
The AIFMD and Bermuda — implementation update download
Conyers Dill & Pearman has released an implementation update focusing on AIFMD and Bermuda.
Asian Legal Business — A Question of Trust download
Paul Christopher, Hong Kong managing partner, talks to Asian Legal Business about increasing interests for private trusts in Asia.
Investment funds
Our investment funds practice area serves the whole investment management value chain. We offer comprehensive legal services for the structuring and formation of both regulated and unregulated investment funds.
Withers turns to Appleby for pan-Europe investment push
Withers has appointed a partner from offshore firm Appleby to set up a pan-European investment funds practice.
Mourant Ozannes partner set to speak at HFMWeek summit in Macau
Mourant Ozannes partner Alex Last is set to participate at the HFMWeek Asia Operational Leaders Summit in Macau on 26 February 2013.
Macfarlanes boosts hedge funds offering with Akin Gump hire
Macfarlanes has continued to invest in its funds group with the hire of Akin Gump partner Simon Thomas
Acumum is shortlisted for investment funds firm of the year award
Acumum has been shortlisted by Global Finance Monthly Global Awards 2013.
Goodwin Procter picks up Travers Smith property finance partner
Goodwin Procter adds Travers Smith partner Paul Lyons to its growing London office.
Investment management
The Curtis Investment Management group has been counselling investment managers and investors on a global scale for close to half a century. Our clients include domestic and international financial institutions, fund managers and their sponsors and principals.
Funds
Australian and offshore fund operators, investors and providers depend on King & Wood Mallesons’ full-service capability.
InVest: developments affecting banks, wealth managers, brokers and funds — August 2012 download
This month’s round-up of developments affecting banks, wealth managers, brokers and funds.
Caymans: Master fund registration update download
The regulatory regime in the Cayman Islands requires certain open-ended investment funds to register with the Cayman Islands Monetary Authority (CIMA) as regulated mutual funds.
Guernsey Foundations download
The basic structure of a Guernsey foundation may feel very familiar to those accustomed to dealing with private foundations in other jurisdictions.
Private equity funds in the Cayman Islands download
This briefing explains the attractions for international managers, sponsors and investors of the Cayman Islands as the jurisdiction in which to domicile a private equity fund.
Funds and indirect real estate
Our funds and indirect real-estate team is acknowledged as a leader in the indirect sector.
The Appleby 2012 offshore round-up: fund disputes download
Appleby’s review of the key decisions handed down in the litigation involving investment funds in the leading offshore jurisdictions during 2012.
HgCapital installs former Clifford Chance lawyer as general counsel
Private equity house HgCapital has appointed former Clifford Chance senior associate Andrew Jessop as its general counsel in a move that sees former legal chief Alison Hampton move to a compliance role.
Guide to Guernsey foundations download
This guide is intended to provide basic information needed to answer questions on Guernsey foundations and the migration of foreign law foundations to Guernsey.
Funds
Mourant Ozannes has an international reputation in offshore investment funds.
American legion
The private equity funds market in London has been raided and invaded by US firms of late, so what has been the impact?
The Appleby 2012 offshore round-up: trust disputes download
Appleby’s review of the key decisions handed down in trust cases in the leading offshore jurisdictions during 2012.
Establishing open-ended funds in Guernsey download
An overview of the legal and regulatory considerations when establishing an open-ended fund in Guernsey.
Establishing closed-ended funds in Guernsey download
An overview of the legal and regulatory considerations when establishing a closed-ended fund in Guernsey.
Guide to listing on Trop-X download
The first Seychelles Securities Exchange was launched at the end of November 2012 and will provide facilities for the listing and trading of securities issued by companies and investment entities.
Guide to CISX listing of investment funds download
Many institutional investors are constrained by their internal investment policies or by regulation to investing in securities which are listed, or to limit their exposure to investments that are not listed, on stock exchanges recognized for the purposes of such restrictions.
Cayman hedge fund judgement brings directors’ duties into focus download
The court has sought to establish the duties of directors of Cayman Islands open-ended funds.
The Alternative Investment Fund Managers Directive download
The alternative investment funds industry is shortly to be subject to European authorisation and conduct of business requirements for the first time.
Offering foreign investment funds in the UAE — a new regime download
The Securities and Commodities Authority of the United Arab Emirates (ESCA) in July 2012 published regulations relating to investment funds that significantly increase the regulation of both foreign and local investment funds active in the United Arab Emirates.
Hong Kong and mainland China to provide for mutual recognition of retail funds download
The Hong Kong Securities and Futures Commission (SFC) announced on 23 January 2013 that it has been working closely with the China Securities Regulatory Commission (CSRC) to provide for the mutual recognition of retail funds authorised in Mainland China and Hong Kong.
Implications of the Kuwait TID v. Blom judgment on Wakala contracts download
Wakala contracts are agency agreements that are widely used in Shari’ah compliant Islamic finance transactions.
Sovereign immunity analysis in subscription credit facilities download
Subscription credit facilities have become a popular form of financing for private equity and real estate funds.
FSA consults on implementing the AIFMD: another step, but still more to come… download
The FSA published the first of two consultation papers yesterday, setting out how the Alternative Investment Fund Managers Directive (AIFMD) will be implemented in the UK.
FSA consultation on implementing the AIFMD: the wait continues... download
The FSA published the first of two consultation papers on implementing the Alternative Investment Fund Managers Directive (AIFMD). This briefing sets out more detail following our recent alert.
The wait is over: AIFMD Implementing Regulation (finally) published download
The wait is over. The European Commission published the implementing regulation (Regulation) for the Alternative Investment Fund Managers Directive (AIFMD) on 19 December 2012.
Filling in the gaps on AIFMD and an update on EMIR on OTC Derivatives and Solvency II download
Hot on the heels of the release of the FSA discussion paper on the Alternative Investment Fund Managers Directive (AIFMD), the European Securities and Markets Authority (ESMA) recently published a short discussion paper tackling some of the key issues on scope.
Are you taking steps towards “AIFMD-readiness”? download
The FSA recently published a discussion paper setting out its provisional thoughts on how to implement the Alternative Investment Fund Managers’ Directive (AIFMD or the “Directive”) in the UK. Firms should now be taking steps to ensure they are “AIFMD-ready”.
Hot 100: Askan Denstaedt, GoldenTree Asset Management
Askan Denstaedt, the London-based general counsel for Europe at New York hedge fund GoldenTree Asset Management, has one of the broadest remits in the investment management field.
Hot 100: Solomon Wifa, O'Melveny & Myers
Almost three years ago Solomon Wifa made his mark in the legal community as he became the youngest-ever managing partner of O’Melveny & Myers in London at the age of 37.
US regulatory action items for investment advisers (2013) download
A new year brings not only (the potential for keeping) New Year’s resolutions, but also a new set of obligations and undertakings for many investment advisers.
MMF executives sue independent trustees for fraud and waste of corporate assets download
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund and its principals sued the fund’s independent trustees, laying the blame for the fund’s spectacular 2008 collapse squarely at their feet.
Chinese ruling changes landscape for value adjustment mechanisms in onshore private equity transactions download
The Supreme People’s Court of China rendered its final judgment on 7 November 2012, in the Haifu Investment Co., Ltd. v Gansu Shiheng Nonferrous Resources Recycle Company Limited.
The EU alternative investment fund managers directive: impact on non-EU fund managers download
The Alternative Investment Fund Managers Directive (the Directive) aims to create a harmonised European regulatory framework for managers of alternative investment funds (AIF).
New legal and tax regime for the Spanish REITs download
On 27 December 2012, the Spanish government approved Law 16/2012, which provides for long-awaited reform of the current legal and tax regime for Real Estate Investment Trusts.
2012 year-end securities enforcement update download
In many respects, 2012 was another year of aggressive SEC enforcement. The SEC’s Division of Enforcement again logged a near record number of enforcement actions.
Key areas of focus for private fund advisers in 2013 download
The elimination of the exemption from registration under the Investment Advisers Act of 1940, as amended (the Advisers Act), for advisers with fewer than 15 clients resulted in the registration of approximately 1,500 additional investment advisory firms.
IOSCO and FSB recommend additional money market fund reform download
The International Organization of Securities Commissions (IOSCO), an international organisation of securities regulators, recently published its Policy Recommendations for Money Market Funds.
European Commission publishes proposed delegated regulation under the AIFMD download
On 19 December 2012, the European Commission published its proposed delegated regulation on exemptions, general operating conditions, depositaries, leverage, transparency and supervision under Directive 2011/61 on alternative investment fund managers.
Focus on private equity — December 2012 download
In this issue: Unitranche in a time crunch; protect your valuable brands.
Herbies and Hogan Lovells lead on BlackRock-Deutsche property fund merger
Herbert Smith Freehills (HSF) and Hogan Lovells have taken the lead roles as global asset manager BlackRock merges its UK property fund with Deutsche Bank’s real estate fund group RREEF to form what the parties describe as the UK’s largest property unit trust.
Exemptions and no-action relief help funds navigate year-end CFTC registration requirements download
Changes to the US Commodity Exchange Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 subjected a large number of fund sponsors, including sponsors of non-US funds with US investors, to the jurisdiction of the US Commodity Futures Trading Commission for the first time.
Fund directors charged in recent SEC enforcement case targeting valuation download
For the past year, top officials of the Securities and Exchange Commission (SEC) have repeatedly identified the valuation of illiquid assets held by registered funds and private equity and hedge funds as one of the regulatory agency’s top five areas of enforcement focus. And, true to its word, the SEC has been actively pursuing such investigations.
Employee stock plans 2012: year-end international reporting requirements download
This Commentary highlights some of the principal calendar and year-end reporting requirements for employee stock plans that US companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide.
The UK Financial Services Authority publishes consultation paper on implementation of AIFMD download
On 14 November 2012, the UK Financial Services Authority published the first part of its long-awaited consultation paper ‘CP 12/32 Implementation of the Alternative Investment Fund Managers Directive Part 1’.
Imminent thematic review by FSA of asset managers in the UK download
The Financial Services Authority is shortly to embark on a thematic review of asset managers.
New tax regime coming for qualified foreign institutional investors in China download
Since its launch in 2002, the Qualified Foreign Institutional Investor program has been the principal means for foreign investors to invest directly in the securities markets of Mainland China.
Island of calm on a storm-lashed continent
Lawyers gathered in London last week to hear why Luxembourg offers such big potential for investors. In association with Wildgen
FSA-authorised asset managers required to attest compliance with conflicts of interest rules download
The FSA has issued a ‘Dear CEO’ Paper “Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks”.
Amendment to Japanese investment management tegulations in response to AIJ incident download
On 12 October 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan published a draft amendment to certain rules intended to revamp the regulation and supervision of discretionary advisory businesses.
Walkers loses funds duo to Appleby
Appleby has hired two funds partners from offshore rival Walkers, six months after Walkers lost a 10-lawyer funds team to Maples and Calder.
Simmons & Simmons secures US alliance to boost funds practice
Simmons & Simmons has entered into an alliance with US firm Seward & Kissel to do hedge fund and asset management work.
An ASEAN funds passport? download
This briefing examines recent developments in Southeast Asia that may bring us closer to an ASEAN-centric approach to the distribution of funds in Asia.
ESMA guidelines on ETFs and other UCITS: what they mean for managers download
The weeks leading up to the summer vacation saw a flurry of UCITS activity, including the publication of an ESMA report and guidelines on UCITS, the unofficial release of the draft UCITS V Directive and the publication of a consultation paper on UCITS VI.
SJ Berwin and Paul Hastings among eight firms on Patron's €880m fund closing
SJ Berwin and US firm Paul Hastings have joined forces to lead private equity group Patron Capital through the closing of its latest fund.
California adopts new private fund adviser exemption download
California has adopted a new exemption from the state’s investment adviser registration requirements.
Increasing investor disclosure requirements and restrictions for UCITS funds download
The European Commission and European Securities and Markets Authority recently published additional guidelines for Undertakings for the Collective Investment in Transferable Securities funds and launched further consultations on the UCITS regime.
The German Implementing Act for the AIFM directive: a critical survey of the draft Bill download
The German Ministry of Finance on 20 July 2012 published the draft of a bill to implement the Directive 2011/61/EU on Alternative Investment Fund Managers into German law.
UAE investment funds regulations download
On 22 July 2012 the UAE Securities and Commodities Authority issued the much anticipated new UAE investment fund regulation.
Alternative views
There is less than a year to go before the alternative investment fund directive comes into force. Here are the salient points still to be discussed
Euro crisis: a UCITS perspective download
The economic uncertainties facing the Eurozone make it increasingly important for investment managers and investment fund boards of directors to anticipate and prepare for the impact of a ‘Euro event’, such as the exit of a country from the Eurozone.
O’Melveny tightens Coller ties with $5.5bn fund closing
O’Melveny & Myers and offshore firm Ogier have won roles advising private equity group Coller Capital on the closing of its $5.5bn (£3.5m) secondaries fund.
BLP picks up a funds partner from Nabarro
Berwin Leighton Paisner (BLP) has boosted its corporate practice in London with a funds specialist from Nabarro.
Linklaters partner takes top legal role at hedge fund Winton Capital
Linklaters capital markets partner Brigid Rentoul has left the firm to join Winton Capital Management as legal chief amid a restructuring of the West End hedge fund manager’s in-house team.
Eurozone break-up: contingency planning for UCITS download
Over the last decade, the UCITS (Undertakings for Collective Investments in Transferable Securities) product has enjoyed tremendous success globally.
Kuwait’s capital markets regime: reduction in fee for marketing foreign investment funds download
In February 2010 the National Assembly of Kuwait passed Law No. 7 of 2010 on Establishing a Capital Markets Authority and Regulating Securities Activities.
Recent settlement highlights need for OFAC diligence download
The Office of Foreign Assets Control (OFAC) recently entered into a settlement agreement with a European-based asset manager for an alleged violation of US sanctions against Iran.
Questions and answers about FATCA and foreign trusts download
The US Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA).
DLA Piper's funds head quits for Simmons & Simmons
Simmons & Simmons has hired DLA Piper’s head of investment funds in the UK as a partner in its financial services team.
The Euro crisis — contingency planning for asset managers download
This paper seeks to identify, as a matter of contingency planning, legal issues which might arise for asset managers as a result of a contraction or restructuring of the eurozone.
Ten-lawyer funds team defects from Walkers to Maples
Maples and Calder has raided offshore rival Walkers for a 10-strong investment funds team that includes seven partners.
Ropes & Gray snatches Nordic Capital fundraising from White & Case
Ropes & Gray’s new funds team has received an early boost, with the firm snatching the role for Nordic Capital on its latest €4.3bn fundraising from White & Case mid-matter.
White & Case funds partner quits for DLA Piper in New York
White & Case is set to lose a second member of its City funds practice, with global securitisation head Richard Reilly joining DLA Piper in the US.
Morgan Lewis continues City funds hires with Proskauer partner
Former Proskauer Rose funds partner William Yonge has joined Morgan Lewis & Bockius’s London office in the latest in a string of moves in the City funds market.
Weil Gotshal lands first BC Partners fundraising since hiring CC team
Weil Gotshal & Manges’ new City funds team has snatched a role for private equity giant BC Partners on its $8.6bn (£5.5bn) fundraising, one of the firm’s first major funds mandates since its four-partner raid on Clifford Chance last year.
Ropes & Gray hires White & Case partner for City funds launch
Ropes & Gray is set to become the latest US firm to launch a London funds team with the hire of White & Case partner and practice head Matthew Judd.
Akin Gump bolsters City funds team with double Simmons hire
Akin Gump Strauss Hauer & Feld has boosted its London funds group and English law capabilities with the hire of two financial services partners from Simmons & Simmons.
Proskauer funds team takes key clients from SJ Berwin
SJ Berwin is set to lose its grip on one of its biggest-billing clients following the defection of a two-partner funds team to Proskauer Rose.
Macfarlanes bolts on boutique in funds boost
Macfarlanes has made a significant addition to its funds practice with the hire of a nine-strong team from a West End hedge fund boutique.
Funds and games
Regulation from the EU is just one of several concerns for the funds industry, according to in-house and private practice lawyers
Harneys funds partner relocates to Hong Kong
Offshore firm Harneys is relocating funds partner Jonathan Culshaw to its Hong Kong office as Asia continues to be a focal point for the sector.
SEC accuses fund directors of breaching their valuation duties download
In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive guidance” and continuously review the appropriateness of valuation methodologies.
SNR Denton adds Dechert lawyer to City financial services team
SNR Denton has given its London financial services and funds team a boost with the addition of a hire from Dechert.
Walkers names new Hong Kong boss as funds chief joins Asian office
Offshore firm Walkers has appointed a new managing partner for its Hong Kong office while boosting its presence in the region with the relocation of its global funds head.
Delegates dissect EU funds regulation report
New rules concerning funds were the hottest topic at The Lawyer’s second Funds Summit. Joanne Harris reports
Eversheds takes on brief for property duo
Eversheds is advising two property companies that have joined forces to create a £150m build-to-let fund aimed at giving institutional investors the chance to make large investments in the private rented sector.
Weil wins struggle for CC funds lawyer
Weil Gotshal & Manges has won the battle to hold on to star funds associate Stephen Fox after a secondment at private equity house Apax Partners threatened to stall his move from Clifford Chance to the US firm.
Fund manager Martin Currie installs first-ever GC
Edinburgh-headquartered asset manager Martin Currie has appointed Jeremy Hill to the newly created role of general counsel.
Apax secondment proves sticking point as Weil waits on funds star
Weil Gotshal & Manges’ new City funds team may have to start life without star associate Stephen Fox if the Clifford Chance hire does not return from a secondment at Apax Partners.
SJ Berwin bolsters depleted funds team with four partner promotions
SJ Berwin has made up four funds partners to plug the gap left following the exit of partners Nigel van Zyl and Oliver Rochman to Proskauer Rose.
Clifford Chance kicks off funds rebuild with Debevoise hire
Clifford Chance has moved to rebuild its depleted funds practice with a senior hire from Debevoise & Plimpton.
Skadden kicks off City funds team with Macfarlanes hire
Skadden Arps Slate Meagher & Flom is launching a City funds practice with the hire of partner Stephen Sims from Macfarlanes.
Eversheds helps Amber Green to helm of green energy fund
Eversheds has advised the Amber Green Consortium on its appointment to manage the £100m London Energy Efficiency Fund (LEEF) on behalf of the Mayor’s London Green Fund (LGF).
Proskauer continues funds raid on SJ Berwin with six associate hires
Proskauer has continued its raid on SJ Berwin’s funds talent with the recruitment of six associates, who are set to join funds partners Nigel van Zyl and Oliver Rochman who defected to the US firm’s London office in July.
Irish funds boutique Dillon Eustace launches in Hong Kong
Dublin-based firm Dillon Eustace has expanded its Asian presence by opening a new office in Hong Kong.
Friendly giants
Sovereign wealth funds’ investments are based not on politics but sound economic factors, say Dale Gabbert and Olivier s’Jacob
Investor muscle
Fund arrangements are being forced to become more flexible as the investors start to call the shots, says Bridget Barker
SJ Berwin loses duo of funds partners to Proskauer
Up-and-coming funds star Nigel van Zyl has quit SJ Berwin for the City firm’s former merger suitor Proskauer Rose, bringing fellow funds partner Oliver Rochman with him.
SNR Denton hires Freddie Mac GC as global funds head
SNR Denton has appointed Robert Bostrom, formerly general counsel of scandal-rocked American corporation Freddie Mac, as the new co-head of its global financial institutions and funds sector.
Maitland hires Withers funds partner for London team
Private client specialist Maitland has made a trio of lateral hires in London and Cape Town, including a partner from Withers.
Clifford Chance star associate resigns in wake of funds team exit to Weil Gotshal
Clifford Chance funds associates Stephen Fox and David Irvine have quit the firm to join Weil, Gotshal & Manges.
SNR Denton loses funds co-chief to Norton Rose
Norton Rose has hired SNR Denton’s financial institutions and funds co-head as part of an asset-based lending push.
CC threatens to sue departing funds team
Clifford Chance has upped the stakes in the highly charged situation surrounding the quadruple exit of its funds team by threatening to take action against some of the group for breach of fiduciary duty.
CC’s mettle to be tested after funds team’s flit
Clifford Chance will need a canny strategy to maintain its PE funds credentials, says Catrin Griffiths
Osborne Clarke bulks up in Bristol with BLP hire
Osborne Clarke has hired Berwin Leighton Paisner (BLP) funds partner Tim Simmonds as a partner in its Bristol office.
Clifford Chance loses four-partner funds team to Weil Gotshal
Weil Gotshal & Manges has raided magic circle firm Clifford Chance for a four-partner funds team.
Pinsents builds funds practice with addition of SJ Berwin lawyer
Pinsent Masons has boosted its partnership with the addition of a lawyer from SJ Berwin’s fund formation team.
Halliwells' administrators seek funds to cover £200m of debts
Failed firm Halliwells owes creditors a total of around £200m, a letter from its joint administrators has revealed.
Are we having funds yet?
The UK has struggled to make its mark in the competitive world of Ucits funds. Stuart Martin argues the case for the jurisdiction
Freshfields and Slaughters advise on Henderson's Gartmore acquisition
Freshfields Bruckhaus Deringer and Slaughter and May have landed the lead mandates advising on Henderson’s purchase of fellow fund manager Gartmore.
Hogan Lovells and Mourant Ozannes advise on John Laing IPO
Hogan Lovells and Mourant Ozannes have won roles on the largest London IPO of a Guernsey company this year.
Funds regulation: managers must learn to live in ‘lawyers’ paradise’
Attendees at The Lawyer’s funds summit gear up for reshaped environment. By Joanne Harris
Funds lawyers brace themselves for shake-up of investment industry
Fund lawyers from the in-house and private practice spheres are turning their attention to regulation as the investment industry undergoes a shift in focus.
Gide launches London funds group with UBS hire
Gide Loyrette Nouel has launched an investment funds practice in its London office with the hire of UBS in-house counsel Lucy Frew.
SJ Berwin Paris fund contingent nabs leading role on AIP close
SJ Berwin’s Paris funds team has secured the lead role acting for BNP Paribas-backed Antin Infrastructure Partners (AIP) on the close of a e1.1bn (£0.95bn) fund.
Bakers opens funds-focused Luxembourg office
Baker & McKenzie today opens its 68th office, launching a base in Luxembourg as it looks to capitalise on the expected boom in investment fund activity in the country.
Dechert hires SJ Berwin's German financial markets head
Dechert has continued its European investment funds expansion with the capture of SJ Berwin’s head of German financial markets.
Appeal ruling allows hedge funds to access Lehman funds
The Court of Appeal has ruled that hedge funds whose money was not properly ringfenced when Lehman Brothers went into administration will have access to client money deposited with the UK division of the bank, Lehman Brothers International (Europe) (LBIE).
Clifford Chance funds chief in shock resignation for Simpson Thacher
Clifford Chance London head of private funds Jason Glover has left the firm to establish a UK funds practice at white shoe firm Simpson Thacher & Bartlett.
Private equity-backed funds boutique MJ Hudson opens its doors
Former SJ Berwin private equity partner Matthew Hudson has launched his own practice with backing from private equity house Coller Capital.
SJ Berwin hikes funds nous with Babcock hire
SJ Berwin has moved to bulk up its infrastructure funds practice with the hire of Babcock & Brown general counsel Michelle Thomsen as partner.
Dechert raids Invesco to build Dublin office
The head of legal at Invesco Perpetual is leaving the fund management house to join Dechert’s fledgling Dublin office.
SJ Berwin-Proskauer merger looms as talks focus on Asia
SJ Berwin has ramped up its merger talks with Proskauer Rose, with the two firms setting up a series of get-togethers between practice groups following a partnership meeting at the City firm last month.
SJ Berwin cleans up with Wheb Ventures launch
SJ Berwin’s funds team has advised on its second closure this month with the launch of Wheb Ventures’ £105m Clean Technology Investment Fund.
Proskauer funds team to drive SJ Berwin talks
After Orrick rejection, SJ Berwin targets global private equity via US tie-up
Hedge fund managers’ unhappiness postponed along with AIFM directive
EU investment restrictions and tough regulations are only a matter of time.
SJ Berwin and Slaughters act on Anthony Bolton's China fund IPO
SJ Berwin and Slaughter and May have landed mandates on the listing of the Fidelity China Special Situations investment trust, the new launch from veteran fund manager Anthony Bolton.
Dechert targeted by protesters over representation of vulture funds
Protesters angry at Dechert’s representation of so-called vulture funds held a demonstration outside the firm’s City office yesterday.
Mourant taps Maples for Cayman funds partner
Offshore firm Mourant du Feu & Jeune has hired an investment funds partner from local rival Maples and Calder, as the firm seeks a bigger market share in the Cayman Islands.
Ogier advises fund focused on female-friendly companies
Offshore firm Ogier has won a mandate to advise on the launch of one of the first funds to focus on investing in companies with a high number of women in senior roles.
Slammed hedge funds shun code to await make-or-break EU directive
They’ve been blamed for the financial crisis, but hedge funds now face their biggest challenge. By Kit Chellel
McGrigors helps Iraqi government access development funds
McGrigors and Erskine Chambers have helped the Iraqi government recover millions of dollars tied up in a UK trust for nearly 20 years.
Norton Rose swoops for DLA Piper investment funds partner
Norton Rose has boosted its investment funds team with a raid on DLA Piper, taking on partner Michael Newell.
Bakers guides Sphinx through fund set-up
The London office of Baker & McKenzie has advised on the establishment of a $100m (£68.35m) turnaround fund in Egypt.
Kirkland, Maitland gain clarification of client money liquidation process
Kirkland & Ellis and Maitland Chambers have secured a High Court ruling that has clarified the position for creditors of Financial Services Authority (FSA)-regulated companies that deal with client money.
Linklaters repels Slaughters to snatch Aquarius mine deal
Linklaters has seen off competition from Slaughter and May to advise platinum miner Aquarius on its $191m (£134.67m) fund-raising and all-share offer for rival Ridge Mining.
SJ Berwin secures Whitehall Capital fund advisory role
SJ Berwin has won a mandate from the Government to advise on the establishment of its Capital for Enterprise fund.
