Ropes & Gray’s attorneys in the United States, Europe and Asia have longstanding relationships with sovereign clients and government pension plans. We understand their distinct structures and objectives and the implications for nation-states and the global economy.
The firm advises many of the largest and most active sovereign wealth funds and governmental investors worldwide, including funds based in Canada, China, Scandinavia, the Middle East and Southeast Asia. Our clients include at least six of the 10 largest sovereign wealth funds based on assets under management according to The Sovereign Wealth Fund Institute.
The increasing influence and investment activity of sovereign wealth funds and other governmental investors calls for sophisticated legal advice with a global perspective. Ropes & Gray clients benefit from our long tradition of providing comprehensive counsel to many of the largest investors in the world, particularly on the “buy” side.
We understand the important issues that are paramount to many governmental clients, including:
- Credit standing: The strong credit standing of our sovereign clients and the need to identify and limit credit risk in their investments and activities.
- Confidentiality: The unique issues posed by sovereign status, including issues presented by governmental disclosure and reporting requirements in jurisdictions where sovereign clients might invest
- Sovereignty: Relationships with governments of jurisdictions where investments are made; when and how to waive or assert sovereign immunity; and immunity implications raised in litigation
- Tax considerations: Implications of tax regulations, including Section 892 of the U.S. Internal Revenue Code, and the use of strategies to maximize tax efficiency
- Consistency: The need for consistency across a client’s contractual arrangements, credit requirements, and documentation to optimize the client’s position across all dealings
- Anti-corruption/anti-bribery compliance: Ensuring that potential issues are identified and addressed swiftly, including analysis of risk in multinational transactions, investigation and defense of governmental actions, and establishment and implementation of anti-corruption programs