Whether you are establishing, managing, investing in or lending to a fund, you need experienced advisers who have done it before.

Our specialist funds group has expertise in all fund types: open or closed-ended, institutional or retail, private or listed, partnership or corporate, authorised or unauthorised. The UK-based team is part of CMS’ global funds group. We advise clients wherever they are operating and can efficiently assist in co-ordinating your international distribution strategy.

As well as deep regulatory and taxation expertise, we bring practical advice based on long experience. We are recognised experts in fund formation and also advise on debt finance; fund mergers and restructuring; carry restructuring; secondary transfers; and regulatory affairs.

As well as technical expertise, your advisers should add practical value. We consciously cultivate relationships with regulators, depositaries, administrators and placing agents, which facilitates smooth transactions.

Knowledge of the asset class can be essential to a successful fund launch. CMS’ sector-driven approach allows us to offer asset-class expertise, particularly for real estate, private equity, infrastructure, energy and clean energy, transport, life sciences & healthcare and pharmaceuticals, and TMC.

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High­lights of our ex­per­i­ence in Funds in the UK
Law-Now: Funds
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Brexit up­date for fin­an­cial ser­vices firms - week end­ing 9th Novem­ber...
The week in out­line: In the fin­an­cial ser­vices (FS) sec­tor, the flow of pub­lic­a­tions on ‘no deal’ pre­par­a­tions con­tin­ues apace (see Doc­u­ments 1 to 5 be­low and most of the ad­di­tion­al pub­lic­a­tions in sec­tion 2).
Brexit up­date for fin­an­cial ser­vices firms - week end­ing 2 Novem­ber...
The week in out­line: UK con­tin­gency plan­ning for a non-deal scen­ario con­tin­ued this week with more ma­ter­i­al on ‘Na­tion­al­ising the Ac­quis’ (NtA) un­der the European Uni­on (With­draw­al) Act 2018 (EU­WA).
Brexit up­date for fin­an­cial ser­vices firms - week end­ing 26 Oc­to­ber...
The week in out­line: This week saw the pub­lic­a­tion of an­oth­er mass of fin­an­cial ser­vices (FS) re­lated ma­ter­i­al as part of the UK’s pre­par­a­tions in case the UK exits the EU without the With­draw­al Agree­ment (WA) and the pro­posed Trans­ition­al Peri­od (TP) (‘no-deal’).
Cap­it­al al­low­ances and Budget 2018
In his Budget speech on 29 Oc­to­ber the Chan­cel­lor of the Ex­chequer, Philip Ham­mond, an­nounced sig­ni­fic­ant changes to the UK’s cap­it­al al­low­ance re­gime.   Briefly, these changes were: The in­tro­duc­tion of a new Struc­tures and Build­ings Al­low­ance giv­ing tax.
CMS - Fo­cus­ing on Funds - AIFMD pre-mar­ket­ing pro­pos­als
This Fo­cus­ing on Funds up­date looks at the hot top­ic of funds mar­ket­ing and pro­pos­als for a pre-mar­ket­ing re­gime for al­tern­at­ive in­vest­ment funds. This is an area we are of­ten asked to ad­vise on as vari­ous forms of “soft mar­ket­ing” activ­ity trig­ger reg­u­lat­ory.
Brexit up­date for fin­an­cial ser­vices firms - week end­ing 12 Oc­to­ber...
The week in out­line: The head­lines were dom­in­ated again by spec­u­la­tion about the fate of the With­draw­al Agree­ment (WA). The draft WA does not have spe­cif­ic pro­vi­sions for the fin­an­cial ser­vices (FS) sec­tor.
The UK White Pa­per on in­vest­ment con­trol: have you re­spon­ded?
On 24 Ju­ly 2018, the UK Gov­ern­ment pub­lished for con­sulta­tion a White Pa­per set­ting out its pro­pos­als for a new na­tion­al se­cur­ity and in­vest­ment con­trol re­gime. The pro­posed re­gime is loosely based on UK mer­ger con­trol – it provides for vol­un­tary no­ti­fic­a­tion.
Brexit up­date for fin­an­cial ser­vices firms - week end­ing 5 Oc­to­ber...
The week in out­line: In his speech on Fri­day (see Doc­u­ment 1 be­low), Don­ald Tusk re­peated the of­fer of a ‘Canada+++’ treaty with the UK. This was widely re­por­ted in the UK press in the con­text of the de­bate at the Con­ser­vat­ive Party con­fer­ence about al­tern­at­ives.
FCA con­sults on il­li­quid open-ended re­tail funds
Today, the FCA has launched a con­sulta­tion pa­per (CP 18/27) on open-ended re­tail funds in­vest­ing in il­li­quid as­sets.   After the Brexit vote in 2016, there were sig­ni­fic­ant in­vestor out­flows from open-ended real es­tate funds res­ult­ing in a num­ber of fund sus­pen­sions.
Brexit up­date for fin­an­cial ser­vices firms - week end­ing 28 Septem­ber...
The week in out­line: The week was dom­in­ated by UK do­mest­ic polit­ics. There were very few tech­nic­al pub­lic­a­tions of in­terest to the fin­an­cial ser­vices sec­tor. Pub­lic­a­tions from the Reg­Zone Brexit news feed De­part­ment for Ex­it­ing the EU: Gibral­tar The De­part­ment.
CMS - Fo­cus­ing on Funds – Changes for over­seas own­ers of UK real es­tate
This Fo­cus­ing on Funds looks at three pro­posed changes for over­seas own­ers of UK real es­tate in­clud­ing hold­ing en­tit­ies and funds. The first change is a tax charge on cap­it­al gains on dis­pos­als and the oth­ers are anti-money laun­der­ing pro­pos­als.
CMS - Fo­cus­ing on Funds - Tough­er Tax Rules for Ger­man Real Es­tate
This Fo­cus­sing on Funds up­date looks at the con­tinu­ing hot top­ic of how tax changes af­fect fund struc­tures and deals. Fol­low­ing our pre­vi­ous look at the France and Lux­em­bourg double tax treaty, the fo­cus be­low is on Ger­man real es­tate.