Asset Management

We advise on high value and strategic public and private M&A involving asset management businesses and investment fund assets. We act for a whole range of clients in the sector, including the asset management arms of multinational financial groups, large listed asset managers, investment trusts and boutique investment firms. Recent experience includes advising:

• Pollen Street Capital on its strategic partnership with Capital Constellation, involving the acquisition of a minority stake in Pollen Street by Constellation and agreement to provide significant investment capital to Pollen Street’s private equity and credit funds
• Sumitomo Mitsui Financial Group on its acquisition of TT International, an independent asset manager with approximately US$8.4 billion of assets under management
• Athora Holding on its proposed acquisition of VIVAT NV’s life and asset management business, including the asset manager ACTIAM, from Anbang Group
• Prudential and Eastspring Investments, Prudential’s Asian asset management business, in relation to Eastspring Investments’ acquisition of a controlling stake in Thanachart Fund Management from Thanachart Bank
• Neptune Investment Management on its sale to Liontrust Asset Management

We advise on the formation, funding and restructuring of asset management businesses and investment funds involving high value investments and complex or innovative structures. We recently advised:

• Arrow Global on the establishment of a £1.3 billion pan-European credit fund focusing on investments into European credit including non-performing loans
• A private credit fund manager on the establishment and investment in a new real estate investment and asset management firm, alongside another real estate investment management firm.
• HM Treasury on the establishment, and investment in, the £400 million Zouk Charging Infrastructure Fund LP, to facilitate investments in charging infrastructure for electric vehicles
• a private equity fund manager on the establishment of a new investment fund investing in a broad portfolio of fund, debt and portfolio company investments, and co-investments, which raised more than £400 million
• Honeycomb Investment Trust on its £100 million IPO on the Specialist Fund Market and subsequent placings
• A Nordic state pension fund on its investments in various private equity funds and sale of its interests in an Asian-focused private equity fund

We are routinely involved in the negotiation of investment management/advisory agreements, strategic outsourcing, custody and administration agreements, whether as part of a larger transaction or on a stand-alone basis. Recent experience includes advising:

• Legal & General Investment Management on its complex, regulated outsourcing to State Street of its front office services, middle office services and technology solutions
• abrdn (formerly Standard Life Aberdeen) in relation to the simplification and extension of its strategic asset management partnership with Phoenix Group Holdings until at least 2031
• A listed asset manager on a review of underlying fund documentation and investment management arrangements relating to its infrastructure and real estate funds
• A listed private equity/ asset manager on the re-negotiation of its investment management agreement with a related infrastructure fund

We provide strategic advice to the boards of listed and unlisted asset managers and investment funds, including advice on governance and sensitive conflicts issues. Our deep experience as principal corporate adviser to the highest number of FTSE350 clients puts us in a unique position to advise listed asset managers and listed funds on these issues.

Our recent experience include advising:

• a large UK based independent asset manager on the review of its internal governance arrangements and ownership structure
• an listed investment company on proposals relating to its relationship and investment management arrangements with a third-party investment manager, and subsequent return to self-management
• one of the founder shareholders of an investment management firm on the restructuring of his interests in funds managed by the firm, including as to financial and voting matters

We advise asset managers on a broad range of regulatory matters, in both domestic and cross-border contexts, including on the implementation and impact of various UK and EU regulatory regimes affecting the sector (IFPR, MiFID II, AIFMD, PRIIPS), regulatory capital arrangements, the structuring and distribution of new products, marketing regimes, market conduct issues, and advice on international money laundering and sanctions regimes.

We have been involved in advising a number of global and UK headquartered asset managers on their Brexit planning work and continue to advise on Brexit-related issues.

We handle the full range of disputes in the asset management industry, as well as statutory and regulatory investigations, including those by the Financial Conduct Authority. Much of our work in this area is by nature confidential but disclosable highlights include advising:

• Standard Life Aberdeen (SLA) (now abrdn) on a contractual dispute arising from Lloyds Banking Group’s (LBG) attempt to terminate a series of investment management agreements in respect of approximately £100 billion of assets managed by the SLA group for LBG and the agreement of a final settlement of the dispute
• a global investment manager on issues arising out of complex contractual arrangements relating to its investment fund management business in Asia and on parallel regulatory investigations in the US and the UK
• the CEO of a large international asset manager on certain whistleblowing allegations relating to risk management failings with respect to a number of its funds

abrdn (formerly Standard Life Aberdeen) in relation to the simplification and extension of its strategic asset management partnership with Phoenix Group Holdings until at least 2031

Sumitomo Mitsui Financial Group on its acquisition of TT International, an independent asset manager with approximately US$8.4 billion of assets under management

Arrow Global on the establishment of a pan-European credit fund focusing on investments into European credit including non-performing loans

Her Majesty’s Government (including HM Treasury and the Cabinet Office) on the establishment of, and investment in, various investment funds to facilitate the funding of infrastructure projects, including the establishment of the £400 million Digital Infrastructure Fund and the £400 million Charging Infrastructure Investment Fund for electric vehicles

A number of investment trusts, including Honeycomb Investment Trust and Baring Emerging Europe on a wide range of matters, including capital-raisings, returns of capital, reorganisations, and changes in investment policies