CC and A&O take top roles on Man Group hedge fund takeover
Clifford Chance (CC) and Allen & Overy (A&O) have advised on Man Group's takeover of $8bn (£5bn) hedge fund Financial Risk Management (FRM) Holdings. Man Group, which is being advised by CC, is set to pay up to $82m (£52m) in cash for the fund over a three-year period. A&O is advising FRM on the deal, which is expected to close in the third quarter of 2012.
May 23, 2012 at 06:08 AM
2 minute read
Clifford Chance (CC) and Allen & Overy (A&O) have advised on Man Group's takeover of $8bn (£5bn) hedge fund Financial Risk Management (FRM) Holdings.
Man Group, which is being advised by CC, is set to pay up to $82m (£52m) in cash for the fund over a three-year period. A&O is advising FRM on the deal, which is expected to close in the third quarter of 2012.
CC regularly advises Man Group, the world's largest publicly traded hedge fund, while A&O has also regularly advised FRM. Man said that the deal will save both companies $45m (£29m) per year in costs but may result in some job cuts.
Global corporate head Andrew Ballheimer (pictured) and City corporate partner Ed Barnett led the team from A&O, while CC floated a team led by City corporate partner duo David Pudge and Joel Ziff, alongside funds partner Gerard Saviola, tax partner Jonathan Elman, regulatory partner Simon Crown and employment partner Imogen Clark.
The deal has also handed related roles to offshore firm Carey Olsen for FRM, and Japanese firm Mori Hamada & Matsumoto for Sumitomo Mitsui Trust Bank Limited, which advises several of FRM's investors, while Mourant Ozannes acted for Man Group on Jersey law.
CC acted for Man Group on two high-profile deals last year – the $1.6bn (£1bn) takeover of GLG Partners and the disposal of Man Group's 25% stake in alternative asset manager BlueCrest. The latter deal also handed a lead role to Simmons & Simmons, which advised BlueCrest.
Herbert Smith also has ties to Man Group, and last year won plaudits for its work advising the hedge fund on a major outsourcing project involving Citi Global Transaction Services Securities and Fund Services.
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