Debevoise & Plimpton has hired Allen & Overy partner Marc Ponchione in its investment management group.

Ponchione joined Debevoise this week in the firm's Washington, D.C., office, where he will represent asset managers, sponsors and issuers on regulatory and transactional issues, the firm said.

In an interview, Ponchione declined to name any of his clients or say whether they would be moving to Debevoise with him, although he noted that he had spent many years cultivating relationships while at Allen & Overy that he hopes to continue.

Ponchione was an asset management partner at Allen & Overy, where he practiced for more than seven years. Earlier in this career, he was senior counsel at the U.S. Securities and Exchange Commission's investment management division and had practiced at Willkie Farr & Gallagher.

Ponchione's move may be another example of Magic Circle firms' battles to hold onto partner talent in the U.S., but Ponchione said working for a U.K. firm played no role in his decision making.

Some of his former SEC colleagues are now practicing at Debevoise, including partners Kenneth Berman, Robert Kaplan and Julie Riewe, and that was one of the many reasons he was excited to join the firm, he said.

"Debevoise has a storied culture of collaboration and excellent lawyers," he said.

Ponchione also praised the firm's asset management program, as well as its corporate, M&A, enforcement, real estate and capital market teams. He said he expects his own practice to fit at the intersection of those practice areas.

"As I plug more into the Debevoise network, there are always going to be more opportunities, and there is a lot of variety here with different groups of people," he said. Although he does not expect his practice to change, he added, he may focus more on private funds work given the size of Debevoise's private funds practice.

David Schwartz, chairman of Debevoise's investment management group, said in a statement that Ponchione's hire fit in with the growth of the firm's global funds practice. "Marc's arrival broadens our capabilities in this area, furthering our reputation for providing high quality, commercial, market-aware and creative advice," he said.

In a statement, Allen &  Overy said: "Marc Ponchione has decided to leave Allen & Overy. We would like to thank him for the contribution he has made during his time at Allen & Overy and wish him all the best for the future."t.

Ponchione is the second lateral partner Debevoise has announced in a week. The Wall Street firm earlier announced the addition of Avi Gesser from Davis Polk & Wardwell.

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