Allen & Overy (A&O), Mayer Brown and Cleary Gottlieb Steen & Hamilton have bagged roles advising on the creation of an $80bn (£39bn) superfund designed to kick-start the financial markets.

A&O and Mayer Brown are advising the structuring banks – Citi, Bank of America and JP Morgan – on UK and US matters respectively.

A&O capital markets partner Geoff Fuller and securitisation partners David Krischer and John Skuter led the team out of London for the magic circle law firm, while Chicago-based securitisation partner Jason Kravitt spearheaded the Mayer Brown team.

Meanwhile, Cleary is advising another group of banks that will provide the liquidity, with New York finance partner David Sugarman leading the team.

Wachovia, Dresdner, Merrill Lynch and Lehman Brothers have all reportedly expressed an interest and the fund plans to tie in HSBC as well.

The superfund will buy assets from cash-strapped structured investment vehicles in order to prevent a fire sale of billions of dollars worth of shaky debt assets.