Partner Profiles

Aaron Stocks

Aaron trained at Travers Smith and became a partner in 2007. He has a particular focus on listed offshore funds and UK companies and dealing with activist shareholders.

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Head of Investment Funds:
Sam Kay

Listed Funds

Our Listed Funds practice is a full service practice, servicing the cradle-to-grave needs of all London-listed investment funds, their managers and their financial sponsors.

We regularly advise investment trusts, REITs, offshore funds, VCTs and their sponsors on admissions to, and further fundraisings on, the Official List, AIM, the Specialist Fund Market and CISX.  Together with our US securities team, we can also provide advice on US private placements and rule 144A offerings of securities into the US whether as part of an IPO or a further fundraising.

Our practice also encompasses fund mergers, corporate acquisitions, reconstructions, recapitalisations and management contract renegotiations and disputes.  Our industry experience and dedicated team enable us to easily manage complex technical issues, whilst maintaining our focus on our clients´ commercial objectives.  We have extensive experience advising on shareholder activism in the listed funds arena, having advised on over a dozen requisitioned EGMs in the past few years and their resultant disputes.

We remain at the forefront of innovation in the listed funds market, having designed numerous  innovative legal structures, from exchange funds, to schemes of amalgamation and three-way mergers.

We also regularly advise stockbrokers and investment banks acting as sponsors, underwriters and placing agents to issuers and so have a wide understanding of market participants and typical terms. 

Our work encompasses all regulatory and taxation issues facing listed investment funds and through our representation of numerous trade bodies in their work on the Alternative Investment Funds Managers Directive, we are at the forefront of thinking on the future shaping of the listed funds world under European and domestic regulation.

We maintain very close links with offshore law firms to ensure we can lead transactions in every major offshore jurisdiction and through our international network regularly advice overseas clients on their London listings and fundraisings.

Recent experience includes advising:

  • Metric Property Investments plc on its £190 IPO on the Official List as a
  • Marwyn Value Investors on its admission to the Specialist Fund Market and
    conversion to an exchange fund structure
  • Aberdeen Asset Management on the $600m merger of four of its listed hedge
    funds by way of multiple Cayman statutory mergers
  • Advising Panmure Gordon on the introduction of The Qatar Investment Fund plc
    to the Official List
  • AIM quoted South African Property Opportunities plc on various disposals and
    commercial disputes
  • an investment fund on its partial offer for units in a $1bn commercial
    property unit trust