Regulated funds and UCITS

We act for a substantial number of investment fund and financial product providers, including stand-alone fund management houses and the investment arms of integrated houses. We also advise depositaries, custodians and administrators.

We work on all types of regulated funds, (UCITS, Non-UCITS and Qualified Investor Schemes) as well as Property Authorised Investment Funds (PAIFs), Funds of Alternative Investment Funds (FAIFs) and Charity Authorised Investment Funds (CAIFs).

We support clients with:

  • the formation of new regulated funds (unit trusts, OEICs and ACSs);
  • product design, including firms both in the traditional long only area and in alternatives to explore the potential of "liquid alternative" funds;
  • on-going changes to fund ranges including mergers, changes to investment policies, changes to service providers and terminations;
  • the migration and amalgamation of funds between different jurisdictions;
  • marketing and distribution advice including cross-border registration of UCITS funds both into the UK and other Member States of the EEA, AIFMD notifications and reviewing distribution and platform agreements;
  • preparing and negotiating fund management agreements;
  • reviewing and negotiating service provider agreements such as depositary and custody agreements, administration agreements, and hosting or sponsorship agreements;
  • amending fund documentation in preparation for regulatory changes such as MiFID II; and
  • all related regulatory matters such as conduct of business rules, CASS, regulatory capital, RDR, UCITS V and VI, AIFMD, remuneration, PRIIPs, conduct risk, client and product documentation, general commercial / contractual matters (including GDPR) and outsourcing.

What people are saying

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"They are exceptional in terms of client service, costs and being agile across the firm."

Chambers UK 2018

"Sources say: 'They provide fast responses, a commercial and practical approach, and a sound understanding of legal and contractual issues'."

Chambers UK 2018

"Respected investment management group with a reputation for excellence acting for sponsors and investors."

Chambers UK 2017

"Macfarlanes LLP's team is 'highly commercial, prompt in its responses and understands why clients are asking for its advice'; 'clients view the firm as an extension of their own internal teams'."

The UK Legal 500 2017

"In terms of investment funds, they are the best team I've ever worked with."

Chambers UK 2016

"The thing I love about Macfarlanes is they not only understand the regulatory and legal issues, but they know how to impact on the operational aspects of managing a fund. They know what the investors are thinking and can tell us what they expect to see."

Chambers UK 2016