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Hedge Funds


Brussels. enabling the firm to obtain immediate advice and action in all jurisdictions. Madrid. Working from London. the fundamental objective of SJ Berwin has been to provide outstanding legal advice in a dynamic environment. SJ Berwin has built a reputation that is the envy of many longer-established firms. Paris and Turin. Berlin. We understand our clients’ businesses and are always willing to challenge orthodox views. we operate in the type of open. Unhampered by bureaucratic attitudes. It has established close contacts with leading law firms in Europe and worldwide. accessible and fast-moving atmosphere that promotes progressive thinking and a creative approach to meeting our clients’ needs. Munich. In a relatively short period. Innovative & Creative Since its establishment in 1982.SJ Berwin Dynamic. Milan. 1 . the firm has the resources to handle major cross-border transactions. Frankfurt. These skills and values have driven our success. We take pride in our ability to devise innovative and commercially viable solutions to complex problems.

Since the inception of the industry some 20 years ago. This reach ensures that we advise at the cutting edge of European developments in the most dynamic and entrepreneurial financial services industry in the world. London Our London hedge funds group is one of the market leading hedge funds practices offering a wealth of experience and expertise in all the transactional aspects of hedge funds. France. as well as the UK. Germany. We advise on all the core areas of the hedge fund industry. Bermuda. based in Switzerland. • derivatives and capital markets. • financial services regulation. and • tax structuring. including: • investment fund structuring and formation. Spain and the USA. our hedge fund clients have enjoyed the benefit of our breadth of knowledge and experience in all aspects of financial services. Our clients are international.Hedge Funds The Hedge Funds Group Offering Pan-European Expertise We are able to offer clients a truly European service. with ten partners and a team of associate lawyers advising clients across the key European jurisdictions. with a particular focus on the following fields: 2 .

We have particular expertise in servicing clients who operate innovative trading strategies and those who manage portfolios of complex assets (including derivatives and commodities). we are also involved in establishing European operations for overseas managers and in advising on the restructuring of existing operations for UK-based managers. “Multi-manager” fund products and trading platforms are also important areas for our fund formation team. We have established funds in all the major offshore fund centres. As well as advising on the structure and formation of such operations during fund launches. which combine elements of private equity-type investment with actively traded portfolios of investments.SJ Berwin’s Paris office Fund Structuring & Formation Our fund formation work encompasses a broad spectrum of clients. Structuring & Support We provide support for clients on the setting up and structuring of management and advisory businesses to service funds. We frequently advise large institutions on their complex multi-manager arrangements. Management Operation. ranging from “start up” hedge fund managers to established marketleaders with multi-billion dollar portfolios of assets under management. We have also been involved in structuring and establishing “hybrid” funds. as well as setting up cross-jurisdictional structures to accommodate investor and manager requirements. 3 .

We advise on the full range of products. capital markets. from bespoke equity derivatives structures to multiple issuance note programmes. The group advises on products linked to various underlying assets (including hedge funds. Trading and Investment Support Across the team. both from EU and national competition authorities. Structured Products Our structured products group is an integral part of the hedge funds team and brings with it interdisciplinary expertise in derivatives. We also advise on all matters relating to the trading infrastructures of funds (for example. banking and hedge funds. as well as principal protected and capital guaranteed products. prime brokerage arrangements and agreements with executing brokers and data providers).Hedge Funds We are frequently involved in seed capital deals (where we act for several dedicated seed capital providers. 4 . We are also able to provide competition clearance advice for funds whose trading strategies are sensitive to merger and acquisition clearance. We also advise on distribution arrangements. we are able to service the trading needs of hedge fund clients. with a strong focus on the regulatory environment across Europe and its effect on capital raising. funds of hedge funds. hedge funds baskets. hedge funds indices and managed account structures). We provide transaction-by-transaction advice on debt and bond trading activities and OTC derivative transactions. as well as advising funds and managers on seeding arrangements) and in advising managers on the effect on their businesses of consolidation in the hedge fund industry.

The group has close links with the hedge fund industry. Our group. There is increasing interest in the Spanish market within the hedge funds industry. fund of hedge funds to be established under the new regime. In addition. has advised on the first single. regulatory. Germany opened up its market to hedge fund products on a broad scale in 2004. It advises companies in connection with the marketing of hedge funds. a new structure similar to a Luxembourg SICAV designed specifically for independent hedge fund managers. Germany The German hedge funds group has established itself as the clear market leader. the group has established the first investment stock corporation. providing transactional support on structured product offerings and advising structured product providers directly. which was already closely involved in the drafting of the new investment fund regulations. competition and labour) and is the market leader in Spain. the setting up of their management/advisory structures. as well as the first independent.Our advisory activity covers guiding hedge fund managers on capital raising through such products. on the draft Royal Decree on the regulation of hedge funds and its impact upon the hedge funds industry. corporate. on the structuring of products to fit investor needs and sectors of the market (covering the retail market and the institutional market. The group is also regularly instructed by German asset management companies to support them in obtaining the necessary licences for hedge fund management. The group serves all kinds of industry participants and has extensive experience in structuring complex and innovative alternative investment products. Our close involvement in the development of the hedge 5 . Spain The Spanish hedge funds group has substantial expertise in all the legal facets of hedge funds (including tax. such as pension funds).

the listing of hedge fund-related companies. however.Hedge Funds funds industry in Spain means that we are in an unrivalled position to advise on all aspects of the industry. corporate 6 . The newly-established Italian hedge funds group comprises lawyers with significant experience in the field and has the resources to advise on fund structuring and formation. including on AIM and in Dublin. Italian players have been very active in this market. shareholders’ arrangements relating to the funds and the managers of funds and various joint venture arrangements. Italy Italy was one of the first European jurisdictions to regulate hedge funds back in 1999 and. Our Tax Department The tax department provides the full range of corporate and private client tax services that are relevant both to the formation of hedge funds and to the teams that manage them. since then. as well as taxation and off-shore issues. A Full-Service Firm Our Corporate Department SJ Berwin’s leading pan-European corporate department advises on seed and other investments in hedge funds. contracts and financial instruments. the regulatory framework has slowed the growth of domestic hedge funds. regulatory issues. transfer pricing. Recent developments. The French hedge funds group has the resources and the expertise to help clients create these new funds. have signalled a change in attitude on the part of the French authorities. Areas of advice include choice of entity and jurisdiction. France In France. the investment manager exemption. Such developments mean there will be a significant growth in the hedge funds industry in France.

securities and regulatory disputes. It has extensive experience in hedge funds. FSA investigations. covering all areas of employment law. it has developed the leading merger arbitrage practice in London. The employment department has extensive expertise of working with clients in the hedge funds sector. The team has excellent links with both the European and national competition authorities and has lawyers based in London.structuring of the management function. policies and procedures and trains management teams in how to avoid disputes. Our Litigation Department The commercial litigation and dispute resolution department covers both international and domestic commercial litigation. banking. The Group also works with employers to develop bespoke contracts. Our EU & Competition Department The EU & competition department is recognised as one of the leading competition/anti-trust practices in Europe. covering contentious and non-contentious issues for employers and employees. It has first-hand experience acting for corporations in obtaining clearance by the competition authorities. the offshore funds regime. providing competition and other regulatory advice for hedge funds’ event-driven strategies. 7 . It offers a high-quality. structuring performance and incentive fee arrangements and the use of tax-transparent trading entities. Our Employment Department The employment department advises on all employment issues. with an increasing emphasis on fraud. advising on areas such as market abuse. Paris and Madrid. rapid response employment law service. In addition. insider dealing. Brussels. Munich. It has also developed an extensive network across Europe of lawyers familiar with the time-critical needs of the arbitrage community. taxation of financial instruments. investment mismanagement claims and disputes relating to derivatives. Munich office Achim Pütz T +49 (0)89 89 0 81 0 E Paris office Benjamin Aller T +33 (0)1 44 346 346 E Scandinavian enquiries Carl Nisser T +44 (0)20 7111 2396 E Milan office Arturo Meglio T +39 (0)2 36 57 57 01 E Ajay Pathak T +44 (0)20 7111 2270 E Berlin Brussels Frankfurt London Milan Munich Paris Turin Madrid 8 .sjberwin.aller@sjberwin.meglio@sjberwin.Contact details We look forward to developing your business with you: London Office Victoria Younghusband T +44 (0)20 7111 2545 E victoria.

. Madrid C/Claudio Frankfurt Poseidon-Haus Hamburger Allee 1 60486 Frankfurt am Main T +49 (0)69 50 50 32 500 F +49 (0)69 50 50 32 499 E frankfurt@sjberwin. London. SJ Berwin LLP is a limited liability partnership registered in England no OC313176. Madrid. 37. It is regulated by the Solicitors Regulation Milan Corso Matteotti 3 20121 Milan T +39 02 36 57 57 01 F +39 02 36 57 57 57 E milan@sjberwin. 15519/06. its principal place of business and registered office. Paris and Turin. Munich.sjberwin.08 . A list of the members of SJ Berwin LLP is open to inspection at 10 Queen Street Place London EC4R London 10 Queen Street Place London EC4R 1BE T +44 (0)20 7111 2222 F +44 (0)20 7111 2000 E info@sjberwin. Frankfurt. Any reference to a partner in relation to SJ Berwin LLP is to a member of SJ Berwin LLP . avenue Kléber 75116 Paris T +33 (0)1 44 346 346 F +33 (0)1 44 346 347 E info-paris@sjberwin. 1ª Planta 28001 Madrid T +34 91 426 0050 F +34 91 426 0066 E Berlin Kurfürstendamm 63 10707 Berlin T +49 (0)30 88 71 71 50 F +49 (0)30 88 71 71 66 E berlin@sjberwin. Paris 64. SJ Berwin LLP or an affiliated undertaking has an office in Berlin.SJ Berwin SJ Berwin LLP © 2008 SJ Berwin LLP .com Munich Karolinen Karree Karlstraße 12 80333 Munich T +49 (0)89 89 0 81 0 F +49 (0)89 89 0 81 100 E Turin Via Lamarmora 39 10128 Turin T +39 02 36 57 57 01 F +39 02 36 57 57 89 E Brussels Square de Meeûs 1 1000 Brussels T +32 (0)2 511 5340 F +32 (0)2 511 5917 E brussels@sjberwin.