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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
River and Mer­cant­ile UK Mi­cro Cap on The IPO and ad­mis­sion to premi­um list­ing. The fund’s in­nov­at­ive re­turn of cap­it­al mech­an­ism at­trac­ted sig­ni­fic­ant in­dustry com­ment and demon­strated our abil­ity to struc­ture funds in the right jur­is­dic­tion to suit
Law-Now: Funds
Vis­it Law-Now for leg­al know-how and com­ment­ary


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11 March 2020
Sus­tain­able Fin­ance or Re­spons­ible In­vest­ment – a guide for as­set man­agers
Re­spons­ible In­vest­ment has, in a few short years, moved from be­ing an out­lier in the as­set man­age­ment world to an is­sue of glob­al im­port­ance which is front and centre of polit­ic­al, leg­al and mar­ket pri­or­it­ies. This doc­u­ment is in­ten­ded to give an over­view
22 November 2019
CMS Ex­pert Guide to AIFM pass­port­ing
Are you look­ing for leg­al in­form­a­tion on AIFM pass­port­ing? This CMS Ex­pert Guide provides you with everything you need to know.
23 September 2020
Pen­sions en­vir­on­ment­al, so­cial and gov­ernance in­vest­ing: An up­date
In re­cent years, en­vir­on­ment­al, so­cial and gov­ernance (ESG) and cli­mate change have be­come in­creas­ingly im­port­ant is­sues, both in the UK and glob­ally. With roughly £2.5 tril­lion in as­sets, pen­sion schemes...
19 March 2019
CMS ad­vises on form­a­tion of ‘Cherry Park Part­ner­ship’ to de­liv­er one of...
In­ter­na­tion­al law firm CMS has ad­vised Ca­na­dian pub­lic pen­sion fund the “Pub­lic Sec­tor Pen­sion In­vest­ment Board” (PSP In­vest­ments) and glob­al real es­tate com­pany Quad­Real Prop­erty Group (Quad­Real) on the sign­ing of its con­di­tion­al agree­ment with Uni­bail-R
22 November 2019
CMS Ex­pert Guide to UCITS pass­port­ing
Are you look­ing for leg­al in­form­a­tion on UCITS pass­port­ing? This CMS Ex­pert Guide provides you with everything you need to know.
17 September 2020
New Scot­tish class ac­tion pro­ced­ure - how will the re­gime work? Part 2: ...
A new mech­an­ism for group pro­ceed­ings came in­to ef­fect in Scot­land on 31 Ju­ly 2020 (see the rules here). We have already com­men­ted on the cer­ti­fic­a­tion stage of the new re­gime (see here). In this short...
11 February 2019
CMS ap­points new part­ner to strengthen in­ter­na­tion­al funds prac­tice
In­ter­na­tion­al law firm CMS is pleased to an­nounce the ap­point­ment of Ed Kings­bury who joins the firm as a part­ner in its funds prac­tice in Lon­don. Ed joins from Dech­ert LLP. Read more about Ed's ap­point­ment here.
22 November 2019
CMS Ex­pert Guide to private place­ment rules and law
Are you look­ing for in­form­a­tion on private place­ment rules and law? This CMS Ex­pert Guide provides you with everything you need to know.
28 August 2020
The new pruden­tial re­gime for in­vest­ment firms: pruden­tial con­sol­id­a­tion...
In this art­icle, we look at the new pruden­tial con­sol­id­a­tion re­gime for in­vest­ment firm groups set to be in­tro­duced by the In­vest­ment Firms Reg­u­la­tion (“IFR”) and the In­vest­ment Firms Dir­ect­ive (“IFD”)...
27 September 2018
CMS ad­vise on over £1.6 bil­lion of fun­drais­ings for lis­ted funds
11 August 2020
FCA pro­poses up to 6 month re­demp­tion no­tice peri­od for UK au­thor­ised prop­erty...
On 3 Au­gust 2020, the Fin­an­cial Con­duct Au­thor­ity (“FCA”) pub­lished a con­sulta­tion pa­per (CP20/15) “Li­quid­ity mis­match in au­thor­ised open-ended prop­erty funds”.  Un­der the pro­pos­als in CP20/15,...
21 June 2018
CMS ad­vises AXA In­vest­ment Man­agers - Real As­sets on £650 mil­lion sale...
In­ter­na­tion­al law firm CMS has ac­ted for AXA In­vest­ment Man­agers - Real As­sets (“AXA IM - Real As­sets”), the lead­ing real es­tate port­fo­lio and as­set man­ager in Europe, on its agree­ment, on be­half of cli­ents, to sell Rope­maker Place, a prime of­fice build­in