21 November 2025Publication
Client note on LMTs for UCITS and open-ended AIFs
With Regulatory Technical Standards on LMTs for UCITS & open-ended AIFs now adopted, we examine the updated obligations & offer practical advice for managers
The challenges to hedge fund managers are constantly changing and we have the real experts to lead our clients and the industry.
The requirements of a first-rate hedge funds practice have evolved dramatically over the last few years: never before has there been so much regulation affecting fund managers.
Hedge fund managers need a focused team of expert advisers with an in-depth understanding of all the issues that matter to the hedge funds industry today.
Our detailed industry knowledge and expertise in specialist areas equips us to advise on the full range of issues relevant to hedge funds, funds of hedge funds and their managers.
We are recognised as being “the market” and act for over three-quarters of the largest UK and European hedge fund managers, over half of the largest US hedge fund managers and over one-third of the largest Asian hedge fund managers.
Our core services include:
- activist strategy advice
- crypto and digital assets
- data protection
- disputes
- employment
- ESG advice
- fund structuring
- intellectual property
- IT and data contracts
- manager ownership structuring
- prime broker and trading documentation
- regulatory advice
- seed deals
- start-up manager advice
- taxation
- transactions for funds
Our experience
New launches
In 2018, we acted on the launch of a large number of new hedge fund managers and their first funds. 15 new managers in Europe alone. These launches involved a variety of issues including innovative fund terms and seed capital transactions. The new funds were mainly established in Cayman and Delaware but some of them were set up in Ireland and Luxembourg.
Complex restructuring
We were lead counsel on a complex fund restructuring with what is believed to be the first 1 or 30 fee structure for a European equities long-short fund, which is managed by a leading alternative asset manager.
High profile start-up
We were lead counsel on a high-profile hedge fund start up. We advised on structuring the management entities in Ireland and the UK, applying to the CBI for the Irish entity’s investment management license, structuring the hedge fund as a Cayman/Delaware master-feeder structure, with several innovative and bespoke terms, providing advice on a complex and novel fee structure and assistance negotiating with anchor investors, demonstrating the seamless coordination between our London and Dublin based teams.
Key contacts
If you have any questions, contact a member of the Hedge Fund Managers team for assistance:
Related insights
20 November 2025 Publication
EP backs CSRD and CSDDD simplification mandate
EP adopts mandate to simplify CSRD and CSDDD reporting and due diligence requirements.
13 November 2025 Publication
Commission consults on amending Taxonomy RTS
The European Commission has published a Call for Evidence on amending the Climate and Environment Delegated Regulations underpinning the Taxonomy Regulation.
10 November 2025 Publication
Total costs of investing in UCITS and AIFs
ESMA published its first comprehensive Market Report on the total costs charged to investors in EEA UCITS and AIFs.
22 October 2025 Publication
ESMA publishes draft loan origination RTS
ESMA has published a Final Report setting out draft Level 2 rules for determining when a loan originating AIF is to be considered open-ended.