Elinor Samuel

Solicitor, Travers Smith

Elinor is a senior associate in the Derivatives & Structured Products Group at Travers Smith. She advises a diverse range of clients, including asset managers, banks, financial institutions, UK pension schemes, funds, and corporates, on the structuring and implementation of derivatives products.

Elinor is experienced in drafting, negotiating, and advising on ISDA, GMRA, and GMSLA documentation, as well as bespoke agreements to hedge market risks such as interest rates, FX, and commodities exposures. She regularly assists clients with custody, clearing, and collateral management arrangements (including CSAs/CSDs for both VM and IM), and advises on related regulatory frameworks such as EMIR/UK EMIR, SFTR/UK SFTR, and CSDR/UK CSDR. Her regulatory practice covers optimisation projects, trading policies, and remediation strategies to rectify gaps in compliance.

Elinor also advises pension scheme trustees on covenant and investment matters, including bilateral and agency trading documentation, investment guidelines, and investment management agreements for fiduciary and segregated mandates.

Contributed to

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Investment management agreements—trustee considerations

Practice Notes

This Practice Note looks at the considerations relevant to pension trustees when entering into, and negotiating, investment management agreements (IMAs). This includes investment restrictions, management benchmark, delegation, standard of care, liability and indemnity, termination rights, conflicts of interest, commission, the Financial Services Compensation Scheme (FSCS), complaints, best execution, client classification, instructions given, custody and shareholder activism.

Pensions