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Funds

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.

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...
Law-Now: Funds
Vis­it Law-Now for leg­al know-how and com­ment­ary

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21/09/2021
Singa­pore and UK strengthen co­oper­a­tion in fin­an­cial ser­vices
In­tro­duc­tion On 30 June 2021, Singa­pore and the UK entered in­to a land­mark part­ner­ship for co­oper­a­tion on fin­an­cial ser­vices (Fin­an­cial Part­ner­ship) at the sixth UK-Singa­pore Fin­an­cial Dia­logue (Fin­an­cial...
20/08/2021
Re­mu­ner­a­tion: New MI­FID­PRU Re­mu­ner­a­tion Code
The FCA has now pub­lished its near fi­nal rules for the single re­mu­ner­a­tion code for MI­FID in­vest­ment firms. The new code will re­place the ex­ist­ing BI­PRU and IF­PRU Re­mu­ner­a­tion Codes and will be known...
02/08/2021
New HM Treas­ury Con­sulta­tion Re­sponse: chan­ging the way fin­an­cial pro­mo­tions...
On 22 June 2021, HM Treas­ury (“HMT”) pub­lished its re­sponse (the “Con­sulta­tion Re­sponse”) to its earli­er con­sulta­tion (the “Con­sulta­tion”) in Ju­ly 2020, an­noun­cing changes to le­gis­la­tion and...
02/08/2021
New HM Treas­ury Con­sulta­tion Re­sponse: chan­ging the way fin­an­cial pro­mo­tions...
On 22 June 2021, HM Treas­ury (“HMT”) pub­lished its re­sponse (the “Con­sulta­tion Re­sponse”) to its earli­er con­sulta­tion (the “Con­sulta­tion”) in Ju­ly 2020, an­noun­cing changes to le­gis­la­tion and...
23/07/2021
Con­sumer pro­tec­tion re­forms (again) – this time, will they stick?
Des­pite prom­ises that Brexit would be an op­por­tun­ity to ‘slash the red tape’ and ‘un­shackle’ the UK from un­ne­ces­sary EU reg­u­la­tion, new con­sumer pro­tec­tion pro­pos­als seek to im­pose stricter con­trols...
23/07/2021
Draft Fin­ance Bill 2021-22: key tax changes for the real es­tate sec­tor
The pub­lic­a­tion of draft le­gis­la­tion to be in­cluded in the Fin­ance Bill 2021-22, along­side sev­er­al con­sulta­tions and re­sponses, her­alds sig­ni­fic­ant changes for tax in the real es­tate sec­tor. Real Es­tate...
23/07/2021
Qual­i­fy­ing As­set Hold­ing Com­pan­ies (“QAHCs”) – im­port­ant new UK tax re­liefs
As part of its drive to in­crease the at­tract­ive­ness of the UK as an as­set man­age­ment and in­vest­ment hub, the UK Gov­ern­ment has an­nounced pro­pos­als for a gen­er­ous new re­gime for the tax­a­tion of UK res­id­ent...
22/07/2021
5 things to take away from the FCA’s Busi­ness Plan
On 15 Ju­ly, the FCA pub­lished its Busi­ness Plan and set out its key pri­or­it­ies for the year ahead. There is much talk about the FCA’s own in­tern­al trans­form­a­tion pro­gramme and how the or­gan­isa­tion in­tends...
22/07/2021
5 things to take away from the FCA’s Busi­ness Plan
On 15 Ju­ly, the FCA pub­lished its Busi­ness Plan and set out its key pri­or­it­ies for the year ahead. There is much talk about the FCA’s own in­tern­al trans­form­a­tion pro­gramme and how the or­gan­isa­tion in­tends...
30/06/2021
CMS Funds Mar­ket Study 2021
Peri­od­ic­ally, CMS takes sound­ings on the state of the mar­ket from our funds-re­lated cli­ents. Giv­en the un­pre­ced­en­ted nature of the last 12 months we thought this was an op­por­tune time to look back over the last few years. This study ana­lyses the key mar­ket trends in fund doc­u­ment­a­tion of over 300 funds es­tab­lished in Europe, Asia, USA and off­shore jur­is­dic­tions ad­vised on by CMS of­fices through­out 2017 to 2020. We have also con­duc­ted cli­ent in­ter­views, which are high­lighted in this re­port, and con­duc­ted a se­lect­ive sur­vey of our in­ter­na­tion­al cli­ent base.We trust this CMS Funds Mar­ket Study will be a use­ful guide for both man­agers and in­vestors this year. The size of our deal sample and the range of coun­tries in­volved means that the study should be a uniquely valu­able and rich re­source for man­agers and in­vestors. Our re­search in­dic­ates that funds in­dustry play­ers are clear on how to move for­ward and that, while strategies may have shif­ted, there are reas­ons for op­tim­ism and bullish­ness, un­like the gloom that des­cen­ded after the glob­al fin­an­cial crisis in 2008.Look­ing for­ward we see an act­ive funds mar­ket, with Lux­em­bourg be­ing the jur­is­dic­tion of choice for European funds. ESG is now a key fo­cus for in­vestors. This mar­ket im­petus and reg­u­lat­ory drivers are mov­ing sus­tain­able in­vest­ment from a niche fo­cus in­to the main­stream for in­vestors and man­agers alike. We also see man­agers in­creas­ingly look­ing at the be­ne­fits and im­pact of AI and tech­no­logy with the token­isa­tion of as­sets and the use of block­chain. We see this pace of change ac­cel­er­at­ing.If you have any feed­back or ques­tions, we would love to hear from you.
24/06/2021
What’s next for non-per­son­al data pro­tec­tions? A leg­al primer (open data...
The fair trade between so­ci­ety and cre­at­ors of in­tel­lec­tu­al prop­erty Most in­tel­lec­tu­al prop­erty laws jus­ti­fy the strong mono­pol­ist­ic powers they vest in cre­at­ors by sim­ul­tan­eously grant­ing free rights...
24/06/2021
Em­bra­cing open data is now more im­port­ant than ever (open data note 2 of...
Ima­gine a world where any in­di­vidu­al for any pur­pose can freely use, freely modi­fy and freely share non-per­son­al data. This is the concept of ‘open data’ and the world sought by the Open Know­ledge...