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Listed Funds

Sunday, 25 August 2019

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.


Image for Aaron Stocks

Head of Investment Funds

Aaron Stocks

Email Aaron
+44 (0)20 7295 3319

Aaron heads our dedicated team of asset management and fund formation lawyers. He is a specialist in listed fund and shareholder activism work and chairs the legal and regulatory committee of LPeC, the trade body for listed private capital vehicles.

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Image for Will Normand

Investment Funds

Will Normand

Email Will
+44 (0)20 7295 3169

Will advises listed offshore funds, UK investment trusts and their sponsors on admissions to, and fundraisings on, all applicable London markets as well as the International Stock Exchange and the Cayman Stock Exchange.

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We regularly advise investment trusts, REITs, offshore funds, VCTs, their sponsors and managers on admissions to, and further fundraisings on, the Official List, AIM, the Specialist Fund Segment and CISE.  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 general meetings 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:

  • Liberum Capital Limited in its capacity as placing agent on the £100m IPO of Honeycomb Investment Trust plc
  • Ranger Direct Lending Fund Plc on its $200 million IPO
  • Fundsmith Emerging Equities Trust Plc on its £193 million IPO
  • Metric Property Investments on its £800m merger by way of scheme of arrangement with London & Stamford Property
  • Liberum Capital Limited in its capacity as sponsor and sole placing agent on the IPO and subsequent C Share issue of P2P Global Investments Limited
  • J.P. Morgan Cazenove on the £190 million placing and open offer for Capital and Regional plc
  • Juridica Investments Limited on its 2013 management reorganisation
  • Numis Securities Limited on the IPOs of Custodian Capital REIT plc, Fair Oaks Income Fund Limited and BlueField Solar Income Fund Limited
  • Winterflood Securities Limited on the IPO of River & Mercantile UK Micro Cap Investments plc
  • Investec Bank plc on the IPO of Gabelli Value Plus+ Trust plc
  • Liberum Capital Limited and Oriel Securities Limited on the placing, open offer and redomiciliation of Assura plc

Winner, The Lawyer Awards 2019 and 2018 – Funds Team of the Year

Winner, Unquote British Private Equity Awards 2017 and 2018 – Law Firm of the Year/Fund Structuring