Funds

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Cadwalader ramps up in London with Norton Rose Fulbright hire

Cadwalader Wickersham & Taft has recruited its third London lateral in as many months, with the firm now set to bring on board a funds partner from Norton Rose Fulbright. This time the firm has picked Michael Newell, who specialises in funds and has been at Norton Rose Fulbright for a decade. As part of […]

O’Melveny funds veteran resurfaces at HSF

One of O’Melveny & Myers’ last remaining London funds lawyers has emerged at Herbert Smith Freehills, continuing an exodus that began last year. Private equity veteran Jonathan Blake has joined Herbert Smith Freehills as head of its international private funds strategy. Blake’s departure leaves the US firm’s Paternoster Square office with just four remaining partners. […]

Slater & Gordon targets Hargreaves Lansdown after Woodford implosion

Following the high-profile collapse of Woodford Investment Management and its Equity Income Fund this month, it was only a matter of time before the claims came flooding in, with Slater & Gordon now leading the way on any potential legal action. It was confirmed this week that the Australian-based firm is investigating claims against Hargreaves […]

Goodwin expands in Continental Europe with Luxembourg launch

Three years after opening its last office in Continental Europe, Goodwin Procter has continued to expand in the region with a new funds-focused office in Luxembourg. Goodwin’s latest outpost, which will be led by partner Alexandrine Armstrong-Cerfontaine, is an addition to its already existing London-based desk for the region. Armstrong-Cerfontaine will split her time between […]

Analysis

buckingham palace

By royal appointment: the monarchy’s go-to lawyers

With Harry and Meghan announcing they will step back as senior royals and work to become financially independent, The Lawyer looks back at the royal family’s legal representation. Farrer & Co Farrer & Co has been the royal’s established advisers since the 1930s – Sir Leslie Farrer was the personal adviser to George VI and […]

Global Corporate 50: Here’s what the M&A teams are expecting for 2020

Considering the volatile year that the corporate world went through in 2019, and the number of companies, mostly retailers, that have been placed into administration or filed for insolvency in the UK alone, it was refreshing to see that a number of firms contacted for The Lawyer’s Global Corporate 50 report had a positive outlook […]

Funds Briefings

Beyond subscription lines: Fund financing trends spreading across the Atlantic

When we talk about “fund financing”, discussions tend to focus on subscription line facilities – the traditional “capital call” facility is the original cast member in an industry which has evolved and grown substantially over the last 15 to 20 years. Data today suggests 90 percent or more of European closed-ended funds currently being established […]

Walkers Fundamentals 2019 Private Equity Trends – Part 1

From our vantage point as advisers to many of the world’s top investment fund managers and financial institutions, broad market forces flow through to our instructions, and ultimately drive many of the terms of the funds we advise. In this four-part series we look at the current themes we have noticed in the investment funds […]

Walkers fundamentals 2019 Private Equity trends – Part 2

From our vantage point as advisers to many of the world’s top investment fund managers and financial institutions, broad market forces flow through to our instructions, and ultimately drive many of the terms of the funds we advise. In this four-part series we look at the current themes we have noticed in the investment funds […]

A new framework for Cayman’s regulatory regime for investment funds

By Joanne Huckle As the drive to act on EU and international recommendations continues to gather pace, the Cayman Islands Government began the New Year with their much-anticipated move to introduce new requirements for the registration of unregulated investment funds. The publication of the draft Private Funds Bill, 2020 (the Bill) and a draft amendment […]

BVI funds regulatory update

By Simon Schilder, Tim Clipstone The BVI has recently released several important regulatory amendments to its financial services legislation which are applicable to BVI funds and their advisors. This update summarises the key changes. Valuation of fund property Each of the Mutual Funds Regulations, 2010 (the Mutual Funds Regulations) and Securities and Investment Business (Incubator […]

Ireland update – Investment Limited Partnerships Reform

Following on from our July 2019 article and our 20 September 2019 update on the Investment Limited Partnerships (Amendment) Bill 2019 (the “Bill”), consideration of the Bill at Committee Stage in Dáil Éireann (the “Dáil” (lower house of the Irish Parliament)) is complete with no amendments being made. It is intended that the Bill will […]

The Cayman Islands Private Funds Bill, 2020 – Are fund finance deals impacted?

By Derek Stenson, Michael O’Connor On January 8, 2020 the Cayman Islands Government published the Private Funds Bill, 2020 (the “Bill”). The Bill builds upon the reputation of the Cayman Islands as a co-operative and transparent jurisdiction and introduces for the first time a requirement for private funds to register with the financial regulator in […]

Channel Islands funds quarterly update: Q4 2019

1 Developments in the Channel Islands 1.1 Economic Substance On 18 October 2019, the Taxation (Companies – Economic Substance) (Amendment) (Jersey) Law 2019 was registered in the Royal Court and came into force from 1 January 2019. The law amends the Taxation (Companies – Economic Substance) (Jersey) Law 2019, which makes provision for imposing an […]

Introduction of registration regime for closed-ended funds

On 8 January 2020, the Private Funds Bill, 2020 was published (the “Bill”). We expect the Bill will become law by the end of January 2020. While the timetable for implementation of the Bill and certain other key questions are still to be confirmed, this advisory summarises its key features and its likely impact on […]

Cayman: Introduction of registration regime for closed-ended funds summary

The New Year heralds the introduction in the Cayman Islands of the registration and regulation of closed-ended funds. As the jurisdiction of choice for the establishment of such funds outside of the US, the Cayman Islands remains at the forefront of legal and regulatory developments in this area. We expect fund sponsors, investors and regulators […]

Cayman Islands: Withdrawal of fifteen investor exemption

On 8 January 2020, the Mutual Funds (Amendment) Bill, 2020 was published (the “Bill”). We expect the Bill will become law by the end of January 2020. The Bill amends the Mutual Funds Law to remove the ‘fifteen investor exemption’, which permits funds with fifteen or fewer investors to avoid registration as a mutual fund, […]

Guernsey’s economic substance requirements – Application to the funds industry

By Chris Hutley-Hurst Like other offshore jurisdictions, Guernsey has implemented legislative economic substance requirements, which came into force on 1 January 2019, to meet a commitment to address concerns raised by the EU Code of Conduct Group on Business Taxation that Guernsey’s corporate tax system could facilitate offshore structures aimed at attracting profits which do […]

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