Ian D’Costa

Ian advises on Financial Services matters, with significant experience in funds and fund investments (public and private), investment management agreements, regulatory and cross-border issues, and various investment products such as OTC derivatives. He also provides advice on a range of Pensions matters to employers and trustees, and on Corporate matters including mergers and acquisitions and corporate governance. Before joining Temple Bright in 2025, Ian trained at Clifford Chance in the City and had roles at Freshfields Bruckhaus Deringer and the specialist pensions law firm Sacker & Partners. Ian subsequently held senior legal in-house positions at investment managers such as Ruffer LLP (AUM of $25bn) and USS Investment Management (investment manager to the Universities Superannuation Scheme with AUM of $105bn). He also served as GC of a quantitative hedge fund.

Relevant experience at Temple Bright and previous firms includes:

• Negotiating investments and side letters for clients in a wide variety of private and public market funds (e.g. private equity, infrastructure, hedge funds), including a circa 1bn investment in a mezzanine debt fund.
• Advising clients in relation to segregated mandates, including a $1bn fund of one, $5.5bn liability-driven investment mandate and a $6bn climate-tilted equities portfolio.
• Advising investment managers on a wide range of regulatory matters, including FCA Perimeter Guidance, MiFID II, EMIR, SFTR, UCITS, AIFMD, master trust applications, and the Occupational Pension Schemes (Investment) Regulations.
• Leading fund formation in the UK, Luxembourg and Cayman Islands.
• Advising pension scheme clients on a variety of risk-reducing investment structures, including longevity swaps (ITV: $2bn; Carillion: $1bn), buy-outs, and collateralised and uncollateralised buy-ins (CDC: $500m; and a $220m medically underwritten buy-in).
• Negotiating direct ISDA agreements and agency model ISDAs, GMRAs and GMSLAs with a wide range of investment managers and banks, including a $8bn program TRS swap.
• Leading the negotiation of collateral management, clearing and prime brokerage agreements and custody arrangements for numerous clients.
• Advising pension scheme clients in respect of fiduciary management contracts ($3bn) and outsourced chief investment officer products.
• Advising an ESG-focused cryptoasset Decentralized Autonomous Organization (DAO) on its structure (Cayman Islands foundation and BVI token issuer), preparing launch documents, and advising on the cryptoasset regulatory framework in the UK and the EU’s MiCA.
• Providing advice to investment managers, trustees, and employers on a wide range of matter including their fiduciary duties, especially in respect of ESG, climate related disclosures (such as TCFD and SDR) and master trust authorisations.