Assets and investments require a proper game plan. Supported by expert advice - FUNDS
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FUNDS Assets and investments require a proper game plan. Supported by expert advice. RO B ER T K R A M ER, L AW Y ER
Welcome to
GSK Stockmann.
An independent European leader First-class, comprehensive legal advice and support
Over 200 professionals advise German and international We have a reputation for seeking and finding practical,
clients at our locations in Berlin, Frankfurt/M., Hamburg, state-of-the-art solutions. Our in-depth understanding
Heidelberg, Munich and Luxembourg. For international of each sector allows us to address all tasks in an entre-
transactions and projects, we work together with selected preneurial manner: providing comprehensive advice of
reputable law firms abroad. exceptionally high quality. While ensuring that all your
activities and investments receive the best support
Expertise in the fund industry possible, we put ourselves in your position and focus on
Our interdisciplinary teams of experts have a deep un- your business. Our advice combines an economic focus
derstanding of all the legal, tax-related and practical chal- with entrepreneurial foresight. That is what is behind:
lenges of the fund industry. We regularly advise on regu Your perspective.
latory issues, product structuring, tax structuring and
fund-related transactions, whether in the context of fund
distribution or in relation to investments or compliance.
We have many years of experience
and an in-depth understanding of the
fund industry and the market players
involved.
Open-ended funds
Fund structures provide a means for investors to make collective in-
vestments. This enables them to pursue their investment strategies
by pooling capital contributions with other investors while diversi-
versus closed-ended fying risk at the same time. ‘Invest together to minimise risk’ – this
is the basic idea behind the fund business.
funds. We always find We provide advice to clients who want to secure or develop their
the right approach. potential as market players in the fund industry over the long term
and who require support with investment processes. Our expertise
in regulatory matters, taxation and product structuring in Germany
and Luxembourg – two of Europe’s leading locations for funds – en-
ables us to provide you with targeted advice. Our lawyers and tax
experts understand the challenges of the fund industry from more
than just the legal and tax perspectives. We take an integrated and
comprehensive approach, focusing in equal measure on the prac-
tical perspective of market players. Your goals are our benchmark.
Your perspective.
Markets in focus.
Fund initiators Fund distributors and other service providers
We provide comprehensive advice to (asset) manage- Fund distributors and other service providers play a
ment companies and alternative investment fund man- key role in the fund industry and are subject to special
agers (AIFMs), asset managers, portfolio managers, regulations. We not only provide expert advice at the
advisors of alternative investment funds (AIFs), EuVECAs, intersection between investment product providers and
EuSEFs and ELTIFs, as well as undertakings for collective distributors but also ensure that all the regulatory and
investment in transferable securities (UCITS), both in tax obligations are satisfied.
Germany and Luxembourg. We help you launch your Numerous other market players are involved in the fund
business model on the market or adapt it to comply industry. These include depositaries, fund administra-
with the latest legislative and tax-related requirements. tors, investment advisors, valuation companies and other
We also provide expert advice and support to help you service providers. Thanks to our integrated and com-
achieve your operational goals – whether these relate prehensive approach, we understand the ways in which
to product design, fund structuring and placing fund these players interact with investment product providers
products or transactions in the various asset classes. and, coupled with our expertise, can tailor our advice to
a client’s exact needs.
Fund investors Asset managers
All activities in the fund industry centre around the capital If, as a professional asset manager in your respective
invested by various investor groups. In recent years, con- asset class, you have made the conscious decision not
sistently low interest rates for classic investment prod- to enter into the regulatory field without support, we
ucts have forced investors to look for alternative invest- will be happy to guide you through alternatives for your
ment opportunities with potentially higher returns. The investments such as connecting you with regulated busi-
steady capital growth in collective investment schemes ness partners. We offer support in drafting outsourcing
is the logical result. We are well acquainted with the spe- contracts and can answer all your questions on struc-
cific needs of institutional investors such as banks, insur- turing, including which vehicles are suitable for which
ance companies, staff pension funds and pension funds, investors. We also provide support with all ongoing
and provide our clients with comprehensive advice on all regulatory and tax-related issues relating to the use of
aspects of their fund-linked investments – from negotiat- third party platforms.
ing fund documentation and fund due diligence through
to drawing up legal opinions with respect to contemplat-
ed investments. With any investment, we always bear in
mind the possible tax implications.
Advising in
key areas.
Product structuring Distribution Transactions
We help you create the best structures Distribution structures for fund prod- We will help you implement your invest-
from a regulatory and tax perspective. ucts are subject to a wide range of reg- ment strategies by providing comprehen-
In doing so, we are happy to advise ulations. We regularly provide advice to sive tax-related and legal advice through-
you on both German and Luxembourg market players on various aspects, in- out the transaction process. In particular,
fund vehicles to identify the most suit- cluding: this includes:
able for structuring your fund. Our ex-
pertise includes the following asset
classes: · Cross-border distribution issues · Structuring purchases and sales
· Product distribution through banks, · Conducting due diligence (taking the
German fund platforms (MiFID) and respective asset class into account)
· Real estate funds independent financial advisors (IFAs) · Negotiating contracts
· Private equity funds · Tax-related aspects of fund · Guiding you through transactions
· Venture capital funds distributions
· Debt funds · Drawing up distribution agreements
· Infrastructure funds
· UCITS and other liquid strategies
· Hedge funds
· ESG compliant investment funds
The right experts for every challenge,
the perfect team for every client:
We focus on the elements that drive
your success.
Regulatory Compliance Investor due diligence
We advise market players on the regu- In addition to providing ongoing advice We will be happy to take care of the en-
latory framework of the fund industry. for regulated market players and funds tire due diligence procedure, guide you
We will be particularly happy to support to ensure compliance with all regulatory through the entry process and support
you in the following areas of expertise, requirements, we will also be happy to you with:
whereby we also pay special attention support you with the following:
to tax-related aspects:
· Drafting and negotiating side letters
· Anti-money laundering issues · Fund-linked investments made by
· Licensing and registration of (asset) · Compliance requirements for institutional investors – with a
management companies and AIFMs investors related to the EU’s action particular focus on banking and
· Compliance with regulatory require- plan on sustainable finance or tax- insurance regulation and supervision
ments relating to organisation and related compliance matters · Legal opinions with respect to
remuneration schemes · Issues in connection with DAC6 contemplated investments
· Implementing new regulatory reporting requirements (disclosure · Helping investors to maximise the
requirements, particularly regarding of cross-border tax arrangements) tax efficiency of their investment in
sustainable finance a domestic or foreign fund
· Monitoring all coordination, approval
and notification procedures vis-à-vis
communication with supervisory
authoritiesYour contacts. Dr. Petra Eckl +49 69 710003 - 0 petra.eckl@gsk.de Robert Kramer +49 89 288174 - 0 robert.kramer@gsk.de
BERLIN FR A N K FU R T/M. H A M B U RG H E I D E L B E RG MUNICH LU X E M B O U RG
Mohrenstrasse 42 Taunusanlage 21 Neuer Wall 69 Mittermaierstrasse 31 Karl-Scharnagl-Ring 8 44, Avenue John F. Kennedy
10117 Berlin 60325 Frankfurt am Main 20354 Hamburg 69115 Heidelberg 80539 Munich L - 1855 Luxembourg
T +49 30 203907 - 0 T +49 69 710003 - 0 T +49 40 369703-0 T +49 6221 4566 - 0 T +49 89 288174 - 0 T +352 271802 - 00
F +49 30 203907 - 44 F +49 69 710003 - 144 F +49 40 369703-44 F +49 6221 4566 - 44 F +49 89 288174 - 44 F +352 271802 - 11
berlin@gsk.de frankfurt@gsk.de hamburg@gsk.de heidelberg@gsk.de muenchen@gsk.de luxembourg@gsk-lux.com
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