Funds | Cummings Law

Cummings is a specialist law firm which has the range and depth of experience to advise funds which are starting up and those which are already trading.

We work closely with both the fund and the fund management entities to ensure arrangements work on all levels and suit investment and management requirements.

We have trading, dealing and commercial experience and combine this with our legal expertise to give informed and commercially practical advice on a full range of issues, including:

  • fund structuring
  • ownership and seeding arrangements
  • regulatory issues
  • trading documentation, including prime brokerage, custody and derivative agreements

Structuring
We advise funds on a range of issues which are relevant both to the launch of a new fund and the re-structuring of an existing fund.  Such issues include the structure of the fund itself, taking into account the nature and profile of its investors, the structure of the management entity, remuneration arrangements, ownership arrangements and advice on seeding relationships.  In addition to traditional hedge fund structures, we also structure private equity funds, UCITs funds, OEICs and other UK retail funds.

Investment strategies
We advise funds with a wide range of strategies, from high frequency trading, to investing in illiquid assets such as private equity, property, wine and artworks, and provide practical expertise on the alternative fund structures appropriate for such strategies.

Regulatory issues
Wherever a fund is established, it will be impacted by UK law and regulation if it is managed or distributed in the UK. We can advise on all relevant regulatory issues which may arise, including those resulting from EU legislation, notably the AIFM Directive, as well as those relating to compliance, marketing and the appointment of functionaries and service providers

Brokerage and custody
We advise on prime brokerage, clearing and custody agreements and their impact upon investor relations.  We also advise on clearing and settlement of trades, reporting of trades and related middle and back office matters.

Trading and derivatives
With trading and dealing experience within the team, we are uniquely placed to advise on derivative structures and documentation including specifically designed trading products, exchange-traded products and over-the-counter products such as ISDAs, CSAs, netting and repurchase agreements, and futures and options clearing agreements.

On-going compliance
We help clients comply with FCA issues and also those of good corporate governance