Rowena Hill

Rowena Hill

London, U.K.

Rowena Hill

Our People

Rowena Hill is Managing Director and General Counsel EMEA at Cleveland & Co, where she leads the firm’s regional strategy, oversees complex cross-border legal matters, and plays a pivotal role in building long-term client partnerships. With 20 years of experience in financial services law and a distinguished track record across global asset managers and investment platforms, Rowena is a respected leader in the investment management industry.

Rowena advises clients across public and private funds, corporate governance, distribution, product development, and UK and EU regulatory compliance. Her expertise spans UCITS, AIFs, institutional client servicing, regulatory and cross-border marketing. She is known for aligning legal advice with strategic commercial objectives, helping clients navigate change, unlock growth, and remain compliant in an evolving regulatory environment.

Before joining Cleveland & Co, Rowena held senior in-house leadership roles, including Head of UK Legal at Invesco, Head of Product Legal – Asset & Wealth Management at Schroders, and senior legal counsel roles at Janus Henderson and Eversheds. Across these roles, she shaped global legal strategy, led high-impact regulatory transformation programmes, and worked closely with senior executives and boards across EMEA, APAC, and North America.

Rowena’s leadership reflects Cleveland & Co’s values of clarity, excellence, and authentic partnership. She is widely respected for her organised and optimistic approach, collaborative leadership style, and focus on mentoring and developing high-performing legal teams. She has supported firm-wide growth initiatives, international expansion, and capability building, while continuing to provide clients with practical, forward-looking legal solutions.

Her wide-ranging expertise includes fund structuring and governance, IMAs, distribution and platform agreements, outsourcing and custody agreements, SMCR regime, fund registration and disclosure regimes, and FCA engagement. Rowena is also highly experienced in managing legal and regulatory risk during product launches, M&A activity, and organisational change.

Outside of work, Rowena has previously served as a Director of the London Women’s Forum. She enjoys reading, painting, and countryside walks with her family and dogs, bringing the same warmth, perspective, and energy to life outside the office as she does to her professional practice.

Expertise

Rowena has a strong track record across the investment management industry globally, working with a cross section of industry professionals from Portfolio Managers through to CEOs, in EMEA, Asia Pacific and North America. She has significant technical skills in:

    • ACD Agreements
    • AIFM Agreements
    • Approved Persons
    • Auditor
    • Authorisations
    • Change of Control
    • Commercial
    • Compensation (FSCS)
    • Complaint Handling
    • Conflicts of Interest
    • Consumer Duty
    • Corporate
    • Culture, Conduct Risk, Consumer Duty and TCF
    • Custody Agreements
    • Depositary Agreements
    • Design & Disclosure Obligations and Target Market
    • Director and NED Appointments
    • Distribution Agreements
    • Engagement Letter
    • Financial Services regulation
    • FOS and FSCS Exemptions
    • Full Scope AIFM requirements
    • Fund Administrator
    • Fund Registration and UK Supplements
    • Governance Arrangements
    • IMAs / IAAs
    • Investment Trusts
    • Letters of Intent
    • Management Approval Processes
    • NDAs
    • Outsourcing
    • Platform Agreements
    • Product Governance
    • Product Information – General, KIIDS-UCITS, KIDs-PRIIPs)
    • Prospectuses
    • Remuneration Codes
    • SaaS Agreements
    • Service Agreements
    • SMCR and COCON
    • SMF Interview Training
    • Sub-Distribution Arrangements
    • Telephone Recording
    • Terms of Reference
    • Training and Competence
    • Transition Management Arrangements
    • UCIS / NMPIs (distribution to retail client)
    • UCITS
    • UK-recognised Overseas Funds
    • Variation of Permission

Work Highlights

Global Legal & Executive Team Leadership
Led and coordinated multi-jurisdictional legal teams, partnering closely with global leadership and executive committees to deliver advice across the full spectrum of legal and regulatory matters for investment management businesses; including governance, compliance, product, distribution, and commercial contracts. Ensured consistent strategy, decision-making, and execution across global offices and regulatory regimes.
SMCR Leadership & Governance Reform
Implemented and maintained the UK SMCR regime, advising on conduct rule breaches and acting as a standing attendee at regulated board meetings. Redesigned governance frameworks for boards and committees, applying a cross-jurisdictional perspective to ensure alignment across EMEA, APAC, and North America.
Institutional IMA Expertise
Drafted and negotiated complex investment management agreements for managers and investors in Europe, Australia, and North America. Developed playbooks, delivered training, and built escalation and risk acceptance frameworks that balanced global consistency with local market requirements.
Commercial Contract Risk Framework
Designed and implemented a legal review framework for commercial contracts, including templates, negotiation guides, and defined risk parameters. Rolled out the framework across multiple jurisdictions to improve efficiency, consistency, and strategic risk management.
Product Development & Regulatory Compliance
Directed the lifecycle management of UCITS and authorised funds in the UK, Luxembourg, and Ireland. Provided strategic product governance advice, implemented Assessment of Value and Consumer Duty frameworks, and managed the wind-up of a PAIF, integrating cross-border regulatory and operational considerations.

Professional Appointments/Memberships

  • Director of the London Women’s Forum (previous)
  • Law Society of England and Wales

Qualifications & Courses

  • Admitted in England & Wales 2005
  • Certificate in Business and Personal Coaching
  • LLB King’s College London, Legal Practice Course (Nottingham Law School)
  • Qualified as a Solicitor in England & Wales

Languages

  • English