Caroline Donald, Deputy General Counsel & Head of Public Markets

Caroline Donald is Deputy General Counsel and Head of Public Markets at Cleveland & Co. With 25 years of senior legal experience in the financial services industry, Caroline advises global asset managers, banks, and boutique investment firms on the full spectrum of investment management, regulatory, corporate, and commercial legal issues. Her practice combines deep technical expertise with strategic leadership, developed through decades of experience across both institutional and private wealth platforms.

Caroline began her legal career at Slaughter and May, where she specialised in asset management, before transitioning in-house. She spent over a decade at Goldman Sachs, holding senior legal and Chief of Staff roles across the buy- and sell-side, with responsibility for regulatory engagement, derivatives, governance, and legal operations. She later served as General Counsel and Company Secretary at Saranac Partners, advising on high-stakes regulatory and commercial matters, entity expansion, and Board strategy.

A cornerstone of Caroline’s career was her time at First State Investments (FSI), where she held multiple senior leadership roles, including EMEA General Counsel and Global Managing Counsel. There, she led large international legal teams and played a central role in transformative global projects, including the demerger of FSI from its parent bank, its acquisition by a Japanese investor, and the preparation of a global IPO. Caroline oversaw legal input on global product structuring, UCITS, AIFs, and alternative fund platforms, with responsibility for teams spanning London, Dublin, Hong Kong, Sydney, and New York. Her leadership extended across SMCR implementation, Brexit planning, MiFID II remediation, and employment and remuneration policy across jurisdictions.

At Cleveland & Co, Caroline leads the firm’s public markets practice and provides strategic legal support across fund structuring, SMAs, ESG regulation, corporate governance, cross-border commercial arrangements, and public market product development. Fluent in Spanish and proficient in French, she has lived and worked in Madrid and continues to maintain strong relationships with international legal networks across Europe.

Caroline’s ability to deliver clear, commercially attuned advice while building trust with boards, regulators, and internal stakeholders reflects Cleveland & Co’s values of integrity, excellence, and clarity. She is frequently described as “kind but firm,” with a reputation for driving pragmatic solutions, mentoring high-performing legal teams, and navigating complexity with precision and calm authority.

Her areas of expertise include investment management and fund regulation, separately managed accounts, corporate and commercial law, employment and remuneration structuring, intellectual property, data protection, and strategic regulatory defence. She also brings exceptional experience in high-stakes governance, reputational risk management, and board-level advisory.

Outside of work, Caroline enjoys life with her husband, two teenage children, and her black cocker spaniel, Gil. She is passionate about creating space for balance and resilience, both professionally and personally, bringing warmth, humour, and humanity to every relationship she builds.