Emma Cleveland is the Founder and CEO of Cleveland & Co External In-House Counsel®, a specialist legal advisory firm she launched in 2012 to modernise the legal industry and deliver exceptional, commercially focused legal advice to the financial services sector. With over 20 years of international experience and tri-qualification in England & Wales, New South Wales (Australia), and Ireland, Emma has advised some of the world’s most prominent investment houses, asset managers, and financial institutions.
Emma’s career spans four continents, including senior in-house roles at firms such as Aviva Investors, Russell Investments, Threadneedle, and AIG. Her early career saw her embedded in the industry’s most critical functions, front, middle, and back office, giving her rare insight into the complete operational, commercial, and regulatory lifecycle of investment management businesses. Over the years, she has played a central role in building legal departments, globalising policy frameworks, and guiding senior stakeholders through complex restructurings, fund launches, product governance, M&A and regulatory change.
Known for her strategic clarity, commercial precision, and people-first leadership, Emma provides advice across investment management, funds, financial services regulation, private equity, pooled pension funds, listed vehicles, fintech, and global distribution models, with a track record of solving high-stakes challenges under pressure. She is a recognised voice in the sector for her integrity, vision, and ability to bridge legal, regulatory, and business strategy seamlessly. Her clients and peers alike value her foresight, warmth, and relentless focus on outcomes.
Emma is deeply committed to improving the way legal services are delivered, driving Cleveland & Co’s expansion from a solo practice into a global firm serving over 250 institutional clients with combined AUM exceeding £9 trillion, including institutional asset managers, pension funds, insurers, banks, sovereign wealth funds, and investment platforms. Her pioneering leadership has earned her accolades such as Boutique Lawyer of the Year and finalist recognition for Legal Advisor of the Year at the Women in Finance Awards. Beyond her role as CEO, Emma is a regular industry speaker, mentor, and advisor, committed to shaping a more progressive, client-aligned, and sustainable legal profession.
Emma is also a passionate advocate for financial literacy and social impact, serving as a trustee on the board of the Just Finance Foundation, a UK charity that plays a critical role in empowering individuals and communities to build long-term financial resilience. She has also championed Diversity & Inclusion across the legal and finance sectors and is a strong supporter of initiatives that build equity into leadership pipelines.
Emma leads Cleveland & Co with a focus on clarity, integrity, and commercial intelligence, always pushing for better outcomes for clients, colleagues, and the industry at large. When she’s not building the future of legal services, she enjoys time with her husband, two daughters, and their golden doodle Snowball, always striving to model the balance of professional ambition and family fulfilment she values so deeply.
- 2021 Women in Finance awards – Legal Advisor of the Year (Shortlisted)
- 2019 British Legal Awards – Women in Law Award (Finalist)
- 2018 Women in Finance Awards – Legal Advisor of the Year (Finalist)
- 2017 Women in Investment Awards – Mentor of the Year (Finalist)
- 2017 Women in Investment Awards – Team Leader of the Year (Finalist)
- 2017 Women in Law Awards – Boutique Lawyer of the Year (Winner)
Emma 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
- Appointed Representatives
- Articles of Association
- Auditor
- Bank Guarantees
- Best execution, timely and fair allocation
- BoD/ Management/ Shareholders Resolutions
- CASS Rules
- Change of Control
- Client Categorisation
- Coinvestments
- Compensation (FSCS)
- Complaint handling
- Conflicts of Interest
- Contractual Gurantee
- Custody Agreements
- Depositary Agreements
- Design & Disclosure Obligations and Target Market
- Director and NED appointments
- Distribution Agreements
- Engagement Letters
- External Valuer
- FOS and FSCS Exemptions
- Fund Administrator
- Governance arrangements
- Heads of Terms/ Termsheet
- IAAs
- IMAs
- Inducement
- Investment research and dealing commission
- Joint Ventures
- Legal Due Dilligence
- Letters of Intent
- Licensing Agreements
- Loan Agreements
- Management Approval Processes
- NDAs
- Outsourcing
- Perimeter – Investment Business
- Platform Agreements
- Private Equity funds (open+closed)
- Product Governance
- Real Estate funds
- Regulated activities, PERG and exemptions
- Remuneration Codes
- SaaS Agreements
- Securities Lending
- Security Agreements
- Service Agreements
- Shareholders Agreements
- SPA, APA
- Sub-Distribution Arrangements
- Suitability – Advice
- Suitability – Portfolio management
- SYSC application (Annex one)
- Telephone recording
- Terms of Reference
- Trademark applications UK + Globally(IPO, WIPO, etc)
- Transition Management Arrangements
- UCITs
Founder & CEO, Cleveland & Co
In 2012, Emma founded Cleveland & Co with a vision to transform how legal services are delivered to the investment management industry. Today, the firm supports over 250 institutional clients globally, with combined assets under management exceeding £9 trillion. Under Emma’s leadership, Cleveland & Co has grown into a respected cross-border practice with businesses in UK and Australia, setting a new standard for excellence, agility, and client partnership in legal advisory.
Tri-Qualified with Global Reach
Emma is qualified in England & Wales, Australia, and Ireland, and has delivered legal leadership across four continents. Her global practice spans the full investment management lifecycle, from fund formation and regulatory compliance to M&A, governance, and distribution. This international perspective is central to her ability to advise clients seamlessly across jurisdictions and business models.
Legal Strategist at Top-Tier Institutions
Prior to founding the firm, Emma held senior in-house roles at industry leaders including Aviva Investors, Russell Investments, AIG, and Threadneedle. She has led global legal teams, implemented enterprise-wide policies, and advised executives on high-value transactions and regulatory change. Her experience spans front office, middle office, and back office functions, making her a trusted strategic advisor to legal, risk, and business leadership alike.
Champion for Financial Literacy and Inclusion
Emma serves on the board of the Just Finance Foundation, a charity committed to improving financial education and resilience in the UK. She is also a longstanding advocate for diversity, equity, and inclusion, supporting initiatives like City Hive, mentoring future legal leaders, and serving as a school governor. Her commitment to social impact and systemic change is a core part of her leadership ethos.
Recognised Leader and Industry Trailblazer
Emma has been named Boutique Lawyer of the Year and was shortlisted for Legal Advisor of the Year at the Women in Finance Awards. She is widely respected not only for her technical expertise and commercial insight, but also for redefining what it means to lead a legal business, with integrity, clarity, and a relentless focus on client success.
- 30% Club
- Association of Women Solicitors
- Director of the London Women’s Forum (previous)
- IMA Technical Committee
- Investment Association 2010
- Law Society of England & Wales
- Law Society of England and Wales
- Law Society of Ireland
- Law Society of New South Wales Australia
- Admitted in Australia in 2002
- Admitted in England & Wales 2004
- Bachelors degree in Commerce majoring in Finance (University of Wollongong)
- Graduate Certificate in Applied Finance and Investment (Financial Services Institute of Australia)
- Graduate Diploma in Legal Practice (College of Law, Sydney)
- Honours Degree in Law (University of Wollongong)
- Influencing, Persuading & Negotiating (Cambridge Legal Summer School)
- Non-Executive Director Training (Institute of Directors)
- NSW Practice Management Course
- Qualified as a Solicitor in England & Wales, Ireland and New South Wales Australia
- Qualified Lawyers Transfer Test (College of Law England and Wales)
- Australian
- English
Emma Cleveland founded Cleveland & Co in 2012 with a vision to change the shape of legal services provision, and provide clients with high-quality effective advice. With over 20 years’ experience in the investment management sector, working with blue chips such as AIG, Threadneedle, Russell Investments and Aviva Investors, she is well-placed to do so.
A tri-qualified lawyer, whose noteworthy career began in litigation at the Australian Securities and Investments Commission, her broad-based expertise covers all areas of investment management: front office, middle and back office, business development, risk, compliance and legal. Emma has also played a key role in building new legal departments, creating and implementing global policies and managing international teams.
As CEO, Emma provides leadership and vision for how Cleveland & Co serves its 180+ international clients which have a combined AUM of over £4 trillion. Emma’s forethought, work ethic and energy has set the pace for a brand new way of doing business in law. Along with her innovation in the sector, Emma is paving the way for women across the industry building a successful business which has reached an entrepreneurial milestone that only 0.5% of all women in the UK are likely to achieve. Emma’s dedication, drive and superstar success is what makes Cleveland & Co the incredible company is it today.
When she is not blazing a new trail, winning new clients, opening new offices around the world or championing Diversity & Inclusion, Emma loves spending time with her husband, two daughters and golden doodle Snowball.
Emma 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 Arrangements
- Administration
- AIFs
- Appointed Representative Arrangements
- Broker agreements
- CISs
- Commercial Contracts
- Corporate Finance
- Corporate Restructuring
- Corporate Sponsorship
- Custody
- Distribution
- Hedge Funds
- HR and Employment
- ICAV
- Institutional
- Intra-group Agreements
- Introducer Arrangements
- Joint Venture
- Listed Investment Companies
- M&A
- Outsourcing
- Pooled pension funds
- Private equity
- Real estate
- Regulation, including: MiFID II, Listing Rules, Competition Law
- Research Payments
- Securities Lending
- Service Agreements
- SICAV
- Sponsorship Arrangements
- Transition management
- UCITS and non-UCITS
Qualified in England & Wales, Ireland and NSW Australia
- Investment Association: act as General Counsel and advise on industry documentation, guidance and regulatory issues.
- Invesco Asset Management: advised on all aspects of building the investment legal team including drafting templates, negotiation guides and procedures, and training across EMEA.
- Canada Life Investments: advised on all aspects of fund distribution via all European platform providers, including drafting and negotiating agreements across 20 service providers.
- LaSalle Investment Management: undertook the complete review of all of real estate private equity funds, producing an extensive summary of all key terms of the underlying fund documentation.
- Columbia Threadneedle: advised on listed investment company launch, including drafting, review and negotiation of all fund documentation such as the offering memorandum and all agreements.
- Aviva Investors: advised on all aspects of investment management agreements for major clients, including structuring the overall portfolios of up to £250bn. Some were highly complex: with 140+ portfolios and various overlay strategies with separate/interdependent guidelines.
- Round Hill Capital: advised on all aspects of the asset and property management joint venture transaction between Round Hill and Starwood worth £120 million.
- Rede Partners: act as General Counsel and advised on the placement of various private equity funds including Apax France XI, HgCapital 8, PAI Europe VI and Summa Equity I for Rede Partners.
- Investment Association 2010 IMA Technical Committee
- Law Society of England and Wales
- Law Society of Ireland
- Law Society of New South Wales Australia
- Association of Women Solicitors
- 30% Club
- Bachelors degree in Commerce majoring in Finance (University of Wollongong)
- Honours Degree in Law (University of Wollongong)
- Graduate Diploma in Legal Practice (College of Law, Sydney)
- Graduate Certificate in Applied Finance and Investment (Financial Services Institute of Australia)
- Qualified Lawyers Transfer Test (College of Law England and Wales)
- Influencing, Persuading & Negotiating (Cambridge Legal Summer School)
- Non-Executive Director Training (Institute of Directors)
