Tax issues on stake sales and investment into managers: structuring, pitfalls and steps to take now
Regulated Investment Funds
A market leading regulated funds practice
We support asset manager clients through every stage of a regulated fund’s complex lifecycle – from structuring and launch to ongoing operation, evolution and cross-border migration. Our in-depth technical knowledge and practical insight help clients build and maintain compliant, well-structured funds that are ready to adapt to future developments.
Our clients include stand-alone fund managers, investment arms of integrated houses, and depositaries, custodians and administrators. We deliver advice on UCITS, Non-UCITS, qualified investor schemes, property authorised investment funds (PAIFs), funds of alternative investment funds (FAIFs), long-term asset funds (LTAFs) and charity authorised investment funds (CAIFs).
We advise on all aspects of fund establishment and operation, including:
- creating unit trusts, open-ended investment companies (OEICs) and authorised contractual schemes (ACSs);
- managing mergers, service provider revisions and cross-border migrations;
- supporting product design, including for products with complex design features such as limited liquidity or ESE strategies; and
- reviewing and negotiating fund management, depositary, custody and administration contracts.
Our work also extends to marketing and distribution arrangements, such as registrations in the UK, and distribution and platform agreements.
We are consistently at the forefront of industry developments. Through our involvement with the Investment Association and other bodies, we help shape policy and anticipate change. Clients also benefit from our multi-dimensional perspective: alongside our lawyers, the team draws on our Head of ESG, Investor Intelligence Lead and Head of Public Policy (a former UK Secretary of State for Justice) to provide targeted political, regulatory and market insight.
Where regulatory change occurs we support clients in updating fund materials and complying with wider requirements on a range of issues such as governance, conduct of business, client money, capital and remuneration rules, data protection and outsourcing.
Work highlights include advising:
- Legal & General with various legal and regulatory matters for its large UK authorised fund range. This included the launch of their first private markets LTAF, the implementation of the FCA’s Sustainability Disclosure Requirements and multiple fund launches;
- Legal & General Asset Management on a strategic partnership with Blackstone that will combine the strength of Legal & General’s and Blackstone’s respective credit platforms.
- Jupiter as sole UK counsel for its authorised UK fund range, assisting on numerous legal and regulatory aspects in relation to its UK funds (which is made up of over 50 funds and comprises both standalone authorised unit trusts and sub funds of umbrella OEICs);
- Fidelity to obtain regulatory approval for its first LTAF, namely the Fidelity Diversified Private Assets LTAF;
- Aberdeen with various legal and regulatory matters for its large UK authorised fund range. This included an application to the FCA for the Aberdeen UK Real Estate Fund and a range of discrete regulatory matters on the operation of UK funds under the FCA’s handbook of rules and guidance;
- Royal London as sole UK counsel for its authorised UK fund range which is made up of over 60 funds and comprises authorised unit trusts, OEICs and ACSs (which are either UCITS, NURS or QIS. We assist on various legal and regulatory matters); and
- Partners Group with various legal and regulatory matters in respect of its UK authorised fund offering including the development, governance and implementation of novel semi-liquid investment strategies and structure options within the UK authorised funds frameworks, including NURS FAIF, and LTAF.
