Milbank Tweed Hadley & McCloy is set to bolster its City arm with the hire of DLA Piper asset finance partner James Cameron.

Cameron handed in his notice to DLA Piper earlier this week in a move which will see the national firm lose one of its most notable finance partners.

Milbank has for some time been looking to add to its City capabilities in project, leveraged and structured finance by recruiting someone with asset finance experience.

Cameron acts for banks, lessors, investors and operators on both domestic and multi-jurisdictional transactions involving assets including corporate and commercial aircraft, ship and rolling stock. His start date at Milbank is as yet unconfirmed.

The move marks a rare lateral hire for Milbank's City arm. Last year the US firm recruited Ashurst's head of restructuring Nick Angel as well as DLA Piper's former global co-head of litigation and arbitration, Julian Stait.

Angel and Stait were the first lateral partner hires Milbank had made in London since February 2007 when the office was joined by former Allen & Overy corporate partner Stuart Harray.

Milbank's Munich base was recently boosted by the hire of SJ Berwin's head of EU and competition Alexander Rinne, who joined in May to launch a European antitrust practice.

Milbank posted a 5% increase in profits per equity partner (PEP) for 2009 to reach $2.23m (£1.45m), while average PEP for DLA Piper during 2008-09 stood at £645,000.