How to list funds
1
2
3
4
5
Establish fund concept
Engage advisers
Prepare application
Director appointments and marketing
Admission to trading and beyond

Step 1 - Establish fund concept

The fund manager has to establish the proposed investment objective and investment strategy behind the fund.

Step 2 - Engage advisers

Typically, at this stage the fund manager engages with an investment bank, who can arrange initial discussions with investors to ascertain demand.

Alongside an investment bank that would act as a potential placing agent/global bookrunner, a team of professional advisers including legal counsel, fund administrators and accountants are also engaged.

The advisers can then determine the optimal structure for the fund, taking into account its tax treatment, its access to (or permissibility to invest in) certain assets, the investor base, as well as the legal and regulatory situation.

Step 3 - Prepare application

After initial investor discussions and engagement with professional advisers, the investment bank and the fund manager make a decision whether to proceed with a launch.

Once the decision to proceed has taken place, the advisers will guide the fund manager through the process to prepare an application, ensuring the relevant admission documents are produced.

All our markets have different levels of regulation with their own respective application processes to formally admit the fund.

There will need to be an application made to apply to the regulator to raise capital (in some cases, this will be the FCA, in others the regulatory function is carried out by London Stock Exchange) and to London Stock Exchange to be admitted to trading.

Step 4 - Director appointments and marketing

As the fund will be a separate entity to the fund manager, a board of directors have to be selected and appointed, in advance of published admission documentation.

The appointed investment bank will work with the fund manager to actively market the fund to potential investors and assist the fund manager in preparing for a series of investor presentations as part of a formal roadshow.

Step 5 - Admission to trading and beyond

Once the fund is listed and admitted to trading, your advisers will continue to work with you on your engagement with the market; for example, corporate transactions, capital structure and dividend policy and supporting you at key investor events as part of a wider investor relations (IR) strategy.

A summary of ongoing obligations for funds after listing, can be found here.

Take a look at the Resources section to find out more about rules relating to ongoing obligations.

Still have questions on the listing journey?

Enquire