NERA's Global Transfer Pricing Practice and Dechert LLP's London Tax Practice jointly presented a seminar in London on 24 November 2011. The financial turmoil and changes in the taxation and regulatory environment have significantly increased the tax and compliance burden for investment management companies. In addition, the international nature of the industry combined with stress on public finances have led to increased scrutiny from tax authorities, particularly with respect to intra-group transactions concerning non-UK companies. In this regard, the potential risks and rewards of international structuring and transfer pricing have never been higher. During this seminar, Dechert lawyers and NERA economists discussed tax and transfer pricing implications of cross border arrangements for investment managers. Speakers included Director Dr. Emmanuel Llinares and Senior Consultant Amanda Pletz of NERA, and Partners David Gubbay and Mark Stapleton of Dechert. The speakers provided an overview of main tax and legal considerations as well as an overview of popular structures. They also discussed the main considerations in intra-group pricing for investment managers and presented a case study.