Financial Services and Products Experience
Royal Bank of Scotland plc
Providing a fixed cost service for the review of various marketing and promotional materials for compliance with relevant FSA requirements
Premier Asset Management
Advising on the establishment and FSA authorisation of the UK's first "Property Authorised Investment Fund" or "PAIF", the Piccadilly UK Commercial Property Income Fund. This is a new form of tax transparent real estate investment vehicle benefiting from many of the tax efficiencies which Real Estate Investment Trusts enjoy but without the requirement to list on the main stock exchange. Burges Salmon has also been appointed as sole property advisers to the UK's second PAIF, the CB Richard Ellis UK Property Fund.
Investment Fund Services Limited
Acting for Investment Fund Services Limited, a wholly owned subsidiary of BNP Paribas Securities Services on the establishment and FSA authorisation of the "Privalto" range of stabiliser capital protected funds. This included the provision of legal and regulatory advice around the structure itself including the equity derivative forming the core of the product range as well as negotiating the terms of the ISDA documentation and credit support annex within the specific FSA requirements set out in the specialist sourcebook, COLL.
Openwork Holdings Limited
Advising Openwork Holdings Limited on its joint venture with Octopus Investments to create Omnis Investments, a new and innovative distributor-led fund management structure. We were also involved in the commercial framework supporting umbrella OEIC, Omnis Investments ICVC and its range of sub-funds managed by each of Octopus, Threadneedle and J.P. Morgan respectively.
Premier Asset Management
Acting for Premier Asset Management on its acquisition from Aberdeen Asset Management of the investment management business relating to two investment fund umbrellas containing ten former Credit Suisse sub-funds. The fund management contracts comprised approximately £910 million of assets which took Premier's total assets under management to approximately £2.5 billion. We also acted on the related private equity transaction with Electra Partners
Key institutional client
Advising a key institutional client on its participation in an international infrastructure fund through an English limited partnership. This involved negotiations on the terms of the limited partnership agreement itself as well as settling the terms of a side letter with the fund manager. The project involved our consideration of the private placement memorandum, constitutional documentation and underlying agreements as well as obtaining tax, corporate and securities law opinions from relevant jurisdictions: in this case, US (Delaware) and Guernsey. We also recently advised the same client in relation to the management buy-out of this fund.
BNP Paribas Securities Services
Advising on various legal and regulatory issues concerning its authorised fund administration business, Investment Fund Services Limited. This included the provision of advice for standard documentation used in the business as well as various legal and regulatory issues arising from the venture. We also advised on the establishment of the related SIPP and wrap service.
Sanlam Financial Services
Advising on the establishment of its new support business for authorised retail funds in the UK. This included the provision of full legal and regulatory support on the FSA application process and the provision of supporting documentation.
Royal Bank of Scotland and others
Providing opinions to various financial institutions including the Royal Bank of Scotland plc and the Bank of Scotland regarding compliance with BIPRU in relation to real estate collateral, and advising Sarasin & Partners LLP on its tier 2 capital structures including the provision of a legal opinion in relation to compliance with GENPRU.
Svenska Handelsbanken
Advising various businesses including Svenska Handelsbanken on the application of the Banking Conduct of Business Rules (BCOBS) and the Payment Services Regulations (PSR).
Standard Chartered Bank
Advising on a wide range of employment issues and providing training to managers
Nationwide Building Society
Advising on the employment aspects of the sale of Nationwide Life Limited and Nationwide Unit Trust Managers Limited to Legal & General at a value of over £300m
Standard Chartered Bank
Advising on the employment aspects of a significant acquisition of an international bank
A FTSE-100 International Bank
Successfully handling a number of high value and sensitive sex/race discrimination tribunal claims
Bank of Ireland
Advising on business structure and policy design following a major reorganisation of subsidiaries and divisions, including harmonisation of terms and conditions and policies
Bank of Ireland
Advising on the constitution for a partners council
Bank of Ireland
Advising on a major business structure and collective redundancy process
Senior lenders
Advising on the Allington, North London, Wakefield and Wrexham facilities and contractors on a range of debt / equity and revolving loan facility arrangements. Advising senior lenders on project financing of a range of technologies - from in-vessel composting to advance thermal treatment.
Leading International Bank
Advice on forward contracts for CERs from various projects, including review of project design documents and ERPAs, as well as drafting and negotiation of relevant ISDA documentation
Premier Asset Management
Advising Premier Asset Management on the acquisition of the fund management business of BFS Investments plc.