Investment structures

Our investment team brings together capital market and financial services regulatory expertise with pension industry know-how. We have unrivalled experience in advising trustees of pension schemes, employers and providers.

Our broad experience in both complex, bespoke investment structures and plain vanilla investments, coupled with our involvement in industry bodies, means we are able to provide commercially pragmatic, legally robust advice.

We have significant experience in drafting and negotiating investment management agreements (IMAs), fiduciary management appointments (including delegated consultants and implemented consultants), derivatives, repo and securities lending contracts, clearing and exchange contracts, and custody agreements.

We are familiar with all types of pooled investment vehicles for both DB and DC clients including open ended investment companies, unit trusts, limited partnerships and unit-linked insurance funds, including more bespoke “fund of one” wrappers. Our extensive knowledge of products and providers enables us to complete efficient and pragmatic due diligence.

Our understanding of all LDI structures, whether utilising pooled or segregated mandates, enables us to advise on appointments with all the major providers.  Our team are highly experienced in the review and use of both agency and umbrella counterparty agreements (ISDA, GMRA and central clearing) and the negotiation of bespoke counterparty agreements.

We have deep buy-side experience in alternative asset classes including private equity, hedge-funds, infrastructure and property.  Our team is regularly involved in major project work including substantial restructuring and transition projects and assists in negotiating documentation and side letter provisions for larger investments. Alongside our strength in DB investment, we have expertise in legal asset security issues in relation to DC investment platforms and frequently work with all the major insurance providers.

Recent experience

  • Advising on the restructuring of the National Grid Pension Schemes’ £13 billion investment portfolio to accommodate the sectionalisation of that scheme following a major corporate restructuring. This involved the implementation of a unitisation overlay, together with an extensive repapering exercise in relation to the Schemes’ derivatives portfolio
  • Assisting a number of clients in building up a substantial portfolio of alternatives assets including the Royal Mail Pension Plan and John Lewis Partnership Pensions Trust
  • Working closely with all of the major fiduciary management providers and regularly assisting trustees in reviewing and appointing fiduciary managers.