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Retail funds

Investors are searching for more innovative solutions to attain higher returns. Our clients are looking for new fund structures that excite the market and provide the ability to respond quickly to market opportunities.

In an ever-changing investment environment, funds are becoming increasingly sophisticated and targeting a diverse range of asset classes. Our clients are looking to maximise distribution of their products both in the UK and further afield.

At the same time, clients are facing a barrage of regulatory change both in the UK with the Retail Distribution Review and more internationally with FATCA and the AIFMD which will all impact on how fund managers interact with their clients and distribution channels.

How the retail funds team can help

We are regarded as one of the leading legal advisers to the investment fund industry acting for more unit trust/OEIC management companies in the UK than any other law firm. As well as advising on all aspects of the setting up and authorisation of retail funds, we provide ongoing advice on marketing, taxation, agreements with third parties, changes to fund specifications and regulatory issues both in the UK and internationally.

Our recent experience includes the establishment and on-going issues relating to all categories of funds, including implementation of UCITS IV (including advising on KIIDs, cross border mergers and master/feeder structures) as well as being heavily involved in the establishment of many of the first Property Authorised Investment Funds (PAIFs). There has been a significant move away from plain vanilla funds to more exotic, quasi structured products within funds and we are invariably among the first to assist a client in relation to a new type of product - FAIFs and PAIFs are recent examples. We advise extensively in relation to European Directives affecting the industry, including MiFID II, UCITS IV and V, PRIPS and the AIFMD.

We have for many years advised on cross-border distribution of UCITS funds using their passport, and for details of our international funds distribution service please see our International Funds Net page.

We have close relationships with the Financial Services Authority (FSA), The Irish Financial Services Regulatory Authority (IFSRA) and the Investment Management Association (IMA).

We have acted on numerous sales and acquisitions of fund management companies and transfers of management of authorised funds.

We keep clients abreast of the latest developments in fund regulation and taxation and are frequently consulted by the IMA, FSA and HM Revenue Customs in relation to changes in the industry. For example, we have been on the UK Treasury Working Group in relation to tax transparent funds.

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International funds net

International Funds Net

IFN has been designed in conjunction with clients and draws upon our market understanding, depth of resource and innovative approach to information technology.